Bhutan Continues Consistent BTC Selling as Bitcoin Price Tanks to $72,000
Bhutan recently sold $22.4 million in Bitcoin while the cryptocurrency's price dropped significantly to around $72,000.Summary
Bhutan has continued its pattern of periodic Bitcoin sales, transferring $22.4 million worth of BTC in the past week, with one transfer going to market maker QCP Capital. Bhutan has been mining Bitcoin since 2019, generating over $765 million in profit, but production tapered after the 2024 halving due to doubled mining costs. This selling activity coincides with Bitcoin falling about 40% from its October peak to trade near $72,000, sparking concerns about a cyclical downturn.
Analysts note similarities to past sell-offs but highlight structural differences, such as increased institutional adoption, which suggest a repeat of severe previous declines is unlikely. While long-term holders trimming positions adds pressure, indicators like high spot trading volume and extreme negative funding rates historically precede reversals. Critical support for Bitcoin is seen around $74,000, with potential downside toward $69,000 or $58,000 if that level fails.
(Source：Bitcoin Magazine)