Bhutan moves 175 BTC worth $11M from treasury wallets as Bitcoin trades near $69K, continuing its pattern of gradual government BTC sales.
Bhutan has moved about $11 million worth of Bitcoin from its main treasury addresses as activity in the cryptocurrency market increases.
Blockchain data shows that 175 BTC were transferred from government-linked wallets.
The movement happened while Bitcoin traded close to the $69,000 level after a recent rebound in price. The transfer follows a pattern of gradual sales by Bhutan during the past year.
Government Transfers 175 BTC From Main Holdings
Data from Arkham Intelligence shows that Bhutan moved 175 BTC from its primary treasury wallets.
The coins were worth about $11.85 million at the time of the transaction. Blockchain trackers reported the movement from addresses that are linked to Bhutan’s national crypto reserves.
The transfer suggests that the government may prepare the coins for sale. Similar transfers in the past were followed by transactions through trading partners.
These transactions were often carried out through over-the-counter deals. Bhutan has previously worked with QCP Capital during Bitcoin transactions.
In an earlier event, the country moved around $6.7 million in Bitcoin to the trading firm. Blockchain records later connected the transfer with a sale.
Bhutan Continues Gradual Bitcoin Sales
Bhutan has adopted a pattern of selling Bitcoin in small portions. Most transactions range between $5 million and $10 million.
This approach allows the government to adjust its holdings without creating sudden market pressure.
The latest transfer comes about one month after another similar move. In that case, Bhutan transferred roughly $7 million in Bitcoin.
Blockchain monitoring platforms reported that the coins were later sold through QCP Capital.
Bhutan just moved another $11 Million of Bitcoin out of its main holding addresses.
The last time they did this was 1 month ago, and they were selling $7 Million of BTC with QCP Capital.
Bhutan periodically sells portions of its Bitcoin in clips of $5-10M, with a particularly… pic.twitter.com/tBuz280bBe
— Arkham (@arkham) March 9, 2026
Historical transaction data also shows heavier selling activity in September 2025. Several transfers occurred during that period.
The amounts followed the same range seen in recent movements.
Bhutan accumulated many of its Bitcoin holdings through mining operations. The country uses hydropower energy to support mining infrastructure.
Over time, the mined Bitcoin became part of its national digital asset reserves.
Bitcoin Price Approaches Important Resistance
The Bitcoin price has shown recovery in recent trading sessions. At the time of the transfer, Bitcoin traded near $68,879.
Market data shows that the price increased about 2.6% within the previous 24 hours.
The rebound has pushed Bitcoin close to the $69,000 resistance level. Traders often watch this level because it has acted as a barrier in earlier sessions.
A move above that level could open the path toward the $70,000 range.
Support levels remain between $67,000 and $66,500 based on recent chart data. These levels have held during short-term price corrections.
Market participants continue to monitor these zones during current trading activity.
Related Reading: Bhutan Adopts Solana for Modern Visa System
Oil Price Volatility Affects Broader Markets
Energy markets also recorded sharp movements during the same period. According to The Kobeissi Letter, U.S. oil prices dropped by $26 per barrel within about 13 hours.
The move came after reports that U.S. President Donald Trump planned a news conference on energy policy.
BREAKING: US oil prices extend reversal to -$26/barrel in 13 hours after President Trump says he will be holding a "news conference" at 5:30 PM ET.
Oil prices are now up just +2% on the day and on the verge of turning negative. pic.twitter.com/16yqcELnU2
— The Kobeissi Letter (@KobeissiLetter) March 9, 2026
G7 countries also discussed releasing up to 400 million barrels from global oil reserves.
France’s finance minister said that governments have not reached a final agreement yet. Discussions on supply measures continue among member countries.
Shipping routes also remain under observation. Analysts reported that disruptions in the Strait of Hormuz could affect global oil supply.
These developments have added uncertainty across financial markets while Bitcoin trades near key price levels.
