Bhutan Moves $11.8M in Bitcoin as Key BTC Indicator Flashes Rare ‘Value Zone’ Signal

Kamcheche | Updated on March 10, 2026
Bhutan Moves $11.8M in Bitcoin as Key BTC Indicator Flashes Rare ‘Value Zone’ Signal

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  • Bhutan moved 175 BTC ($11.85M), possibly preparing for another partial sale.
  • The country mined about 13,000 BTC since 2019 using hydroelectric-powered operations.
  • Bitcoin has fallen below its 2-year moving average, historically a long-term accumulation zone.

The Himalayan kingdom of Bhutan has moved 175 Bitcoin worth roughly $11.85 million, according to blockchain analytics data, as the cryptocurrency market showed modest gains at the start of the week.

Data from Arkham Intelligence indicates the transfer came from Bhutan’s primary Bitcoin holding wallet to a newer address created about a month ago. The destination address had previously received 184 BTC from the government.

While the latest 175 BTC remains in the receiving wallet, the earlier 184 BTC was moved to another address that has processed 1,910 BTC since 2024, currently holding 126 BTC. Observers say the pattern could suggest preparations for another sale, as Bhutan has periodically offloaded Bitcoin in similar-sized transactions.

Bhutan’s Bitcoin Strategy and Periodic Sales

According to Arkham analysts, the last comparable transfer occurred in February, when Bhutan reportedly sold around $7 million worth of Bitcoin through crypto trading firm QCP Capital.

The firm noted that Bhutan typically sells Bitcoin in batches of $5 million to $10 million, with a particularly heavy selling period reported around September 2025.

Even with periodic sales, Bhutan remains one of the largest sovereign holders of Bitcoin. Arkham estimates the country currently holds about 5,400 BTC, ranking it among the top government holders globally.

For comparison, the United States holds the world’s largest government Bitcoin reserve with 328,372 BTC, valued at nearly $22 billion.

Bhutan’s crypto holdings are managed by the country’s sovereign wealth fund, Druk Holding and Investments. In addition to Bitcoin, the fund also holds small amounts of other digital assets, including 28 ETH and 28 KiboShib, an AI-generated memecoin.

Hydropower Mining Built Bhutan’s Bitcoin Reserve

Bhutan began accumulating Bitcoin through state-backed mining operations in 2019, primarily powered by the country’s abundant hydroelectric energy.

During the summer months, increased water flow creates surplus electricity from hydropower plants. Prime Minister Tshering Tobgay previously explained that the excess energy is ideal for Bitcoin mining rather than going unused.

Since launching the initiative, Bhutan has mined roughly 13,000 BTC, though the government has sold portions over time to fund public programs.

Tobgay has said Bitcoin revenues have helped support healthcare services, environmental initiatives, and public sector salaries.

However, the 2024 Bitcoin halving, which reduced mining rewards to 3.125 BTC per block, has made mining less profitable across the industry. As a result, some mining firms have shifted infrastructure toward artificial intelligence and high-performance computing workloads.

Bitcoin’s Long-Term Indicator Signals Possible Extended Consolidation

While Bhutan adjusts its holdings, Bitcoin’s long-term valuation metrics are also flashing a familiar signal.

According to data from Blockchain.com, Bitcoin’s 2-Year Moving Average Multiplier has fallen below 1.0, meaning the asset is trading under its 730-day simple moving average. Among analysts, this level is often considered a long-term “value zone.”

Historically, when Bitcoin falls below this threshold, it can remain there for extended periods before a sustained recovery.

  • The 2014–2015 cycle stayed below the level for about 13–16 months
  • The 2018 bear market lasted roughly 11–13 months below the line
  • The 2022 downturn remained under it for about 10–13 months

If the pattern holds, Bitcoin could remain in this phase for another 8–11 months, potentially stretching into late 2026 or early 2027, unless macroeconomic conditions shift significantly.

Market Still Recovering From Post-ATH Correction

At the time of writing, Bitcoin was trading near $69,950, briefly touching the $70,000 level after rebounding from last week’s low near $65,000, according to data from CoinMarketCap.

Despite the recent bounce, the cryptocurrency remains roughly 45% below its all-time high of $126,198, recorded in October 2025.

Also Read: The Next Altcoin Season Won’t Lift All Crypto — Bitwise CIO Reveals the New Winners

While the 2-year moving average indicator does not predict exact turning points, past cycles suggest that prolonged periods below this level often precede major accumulation phases and multi-year rallies. For now, however, the data points to a market that may still require patience before its next major breakout.

Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.

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