Bhutan has transferred $22.4 million worth of Bitcoin from its wallets over the past week, continuing a pattern of periodic BTC sales observed over the past several years.
According to blockchain analytics firm Arkham, one of the transfers, executed five days ago, was sent directly to addresses labeled as belonging to market maker QCP Capital.
Data from Arkham indicates that Bhutan is selling Bitcoin in increments of roughly $50 million, with a particularly heavy selling period recorded in mid-to-late September 2025. Bhutan has been mining Bitcoin since 2019, producing over $765 million in BTC profits while incurring estimated energy costs of around $120 million.
Bhutan mined the majority of its Bitcoin before the 2024 halving, tapering production afterward as mining costs roughly doubled. The country’s peak mining year was 2023, when it produced around 8,200 BTC, bringing total holdings at the time to over 13,000 BTC.
Annual production estimates include approximately 2,500 BTC in 2021, 1,800 BTC in 2022, 8,200 BTC in 2023, and 3,000 BTC in 2024, Arkham said.
Bitcoin is cratering to one-year lows
All this is happening as Bitcoin has fallen roughly 40% from its October peak, reigniting concerns about a repeat of its historical four-year cycle downturns.
K33 Research Head Vetle Lunde acknowledged unsettling similarities to past deep sell-offs, such as those in 2018 and 2022 in a recent investor note, but stresses that the current market environment differs structurally.
Increased institutional adoption, inflows into regulated products, and an easing rate backdrop provide stronger tailwinds than in prior cycles, while the market has not experienced the forced deleveraging events that exacerbated the 2022 credit unwind.
Lunde noted that cycle psychology can be self-reinforcing, with long-term holders trimming positions and hesitant new capital contributing to selling pressure, creating patterns reminiscent of past downturns.
Yet, certain indicators hint at a potential market bottom: February 2 saw high spot trading volume above $8 billion, and derivatives markets experienced extreme negative open interest and funding rates, conditions that historically precede reversals.
Despite these signals, Lunde said that evidence remains inconclusive, as similar extremes have occurred during false starts. Critical support is identified around $74,000, with further downside possible toward $69,000 or the 200-week moving average near $58,000 if broken.
At the time of writing, bitcoin is trading near $72,000.