鏈上及加密市場報道估算,不丹 2026 年已轉走或賣出約 2.15億至2.34億美元 BTC;4月前後仍持有約 3,500至3,800 BTC,但並非官方完整帳本。[1][6][7][14] 賣幣壓力來自挖礦新增放慢、短期現金需要,以及包括 Gelephu Mindfulness City 在內嘅基建和發展資金需求。[1][6][7] 「9月耗盡」只係按現有速度推算嘅警號,會受 BTC 價格、出售速度、挖礦恢復、未披露儲備或其他融資安排影響。[1][7][14]

Create a landscape editorial hero image for this Studio Global article: What is driving Bhutan’s 2026 Bitcoin sell-off, how much BTC has the government sold and retained, why have its hydropower-backed mining rev. Article summary: Bhutan’s 2026 Bitcoin sell-off appears driven by a shift from accumulating mined BTC to monetizing reserves for liquidity, including national development and Gelephu Mindfulness City funding. Available reporting suggests. Topic tags: general, general web, user generated. Reference image context from search candidates: Reference image 1: visual subject "The Himalayan kingdom of Bhutan has stepped up what experts have called a Bitcoin reserve sell-off, apparently dumping around $216 million worth of the world’s top crypto since the" source context "Bhutan Bitcoin 'sell-off' gathers pace, amid crypto mining halt claims" Reference image 2: visual subject "The Himal
不丹嘅 Bitcoin 故事,唔係一般「政府炒幣」咁簡單。呢個喜馬拉雅山國家早前靠低成本水電支持國家級挖礦,累積出一筆主權 BTC 儲備;但到 2026 年,市場報道指不丹政府及國有投資機構 Druk Holding & Investments(DHI)相關錢包,正把部分 BTC 轉去交易所相關地址或場外交易(OTC)對手方,換取發展所需現金流 [1][
6][
7][
22]。
最大問題係:賣到而家,Gelephu Mindfulness City 仲有幾多 Bitcoin 可用?
較穩陣嘅估算係:截至 2026 年 4月至5月相關報道,不丹今年已轉走或賣出約 2.15億至2.34億美元 BTC,仍持有約 3,500至3,800 BTC [1][
6]。
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鏈上及加密市場報道估算,不丹 2026 年已轉走或賣出約 2.15億至2.34億美元 BTC;4月前後仍持有約 3,500至3,800 BTC,但並非官方完整帳本。[1][6][7][14]
鏈上及加密市場報道估算,不丹 2026 年已轉走或賣出約 2.15億至2.34億美元 BTC;4月前後仍持有約 3,500至3,800 BTC,但並非官方完整帳本。[1][6][7][14] 賣幣壓力來自挖礦新增放慢、短期現金需要,以及包括 Gelephu Mindfulness City 在內嘅基建和發展資金需求。[1][6][7]
「9月耗盡」只係按現有速度推算嘅警號,會受 BTC 價格、出售速度、挖礦恢復、未披露儲備或其他融資安排影響。[1][7][14]
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開啟相關頁面- Bhutan sold over $215M in Bitcoin during 2026, using OTC desks to reduce impact. - Reserves fell from 13,000 BTC in 2024 to about 3,500 BTC by April 2026. - Mining inflows have stopped, signaling Bhutan’s shift from sovereign miner to disciplined asset se...
- Bhutan sovereign wealth fund has moved $216 million worth of Bitcoin. - Bitcoin mining revenues have also slowed. - Holdings have decreased by 70% since October 2024. The Himalayan kingdom of Bhutan has stepped up what experts have called a Bitcoin reserv...
TLDR - Bhutan transferred 519.7 BTC worth $36.75 million on Wednesday - Total Bitcoin outflows from Bhutan in 2026 now top $152 million - Holdings have dropped 66% from a peak of 13,000 BTC to 4,453 BTC - Most transfers go to Singapore-based QCP Capital via...
Bhutan’s state-owned investment arm has steadily sold portions of the country’s Bitcoin reserves, moving about $42.5 million in BTC and USDT so far in 2026 through a small set of recurring counterparties. Data from blockchain analytics firm Arkham Intellige...
推動賣幣嘅原因大致有三個:新增挖礦流入放慢甚至停止、短期流動性需要上升,以及國家發展項目——包括 Gelephu Mindfulness City——需要資金 [1][
6][
7]。報道亦指,相關轉帳多數經交易所相關地址或 OTC 對手方處理;OTC 即場外交易,常見於大額買賣,用意係減低即時衝擊市場價格 [
1][
14]。
唔同報道數字有差異,主要因為截數日期、當時 BTC 價格、以及「轉走」同「已出售」未必完全等同。按目前資料,時間線大概如下:
| 報道時間點 | 當時報道內容 |
|---|---|
| 2026年3月初 | 不丹相關錢包年內已轉走約 4,250萬美元 BTC 同 USDT [ |
| 2026年3月下旬 | 一筆 519.7 BTC、約 3,675萬美元 轉帳,令 2026 年外流總額升穿 1.52億美元;當時持倉約 4,453 BTC [ |
| 2026年4月初 | 報道追蹤到額外轉帳,包括 319.7 BTC、約 2,270萬美元 [ |
| 2026年4月10日至11日 | 其他報道指 2026 年清算額已超過 2.33億美元,剩餘約 3,774 BTC,按當時價格約值 2.725億美元 [ |
| 2026年5月1日 | 後續報道指 2026 年出售額超過 2.15億美元,並估算到4月儲備約 3,500 BTC [ |
所以,與其死咬一個精確數字,更合理係用區間理解:2026 年約 2.15億至2.34億美元 BTC 被轉走或出售;4月前後仍保留約 3,500至3,800 BTC [1][
6][
7]。呢個差距反映報道截點同價格假設不同,亦提醒大家:鏈上轉帳紀錄唔等於政府已公開嘅完整主權資產帳本 [
1][
14]。
不丹原本嘅優勢好清楚:水力發電成本較低,可以支撐國家級 Bitcoin 挖礦 [6][
22]。但 2026 年報道指,挖礦新增流入已經放慢,甚至有報道形容為停止;同一時間,BTC 外流速度就加快 [
1][
2]。
礦業經濟嘅兩個關鍵壓力係 2024 年 Bitcoin 減半 同 挖礦難度上升 [6][
9]。減半令每個區塊產生嘅新 BTC 獎勵減少;難度上升就代表全球礦工競爭更激烈,同樣算力未必分到同以前一樣多嘅幣。
Gelephu Mindfulness City(GMC)係不丹南部規劃中嘅特別行政區同經濟樞紐,項目定位包括監管清晰、現代金融連接,以及以可持續、科技同 wellbeing 為方向嘅發展 [17][
19]。
2025年12月,不丹宣布 Bitcoin Development Pledge,最多撥出 10,000 BTC 支持 GMC;當時報道估值大約 8.6億至10億美元 [18][
19][
21]。早期報道形容,呢個承諾偏向長線庫務策略,可能包括抵押融資、收益策略或長期持有,而唔係即時一次過賣清 [
18][
20][
21]。
但 2026 年嘅外流報道,已經把實際 BTC 出售同國家基建、GMC 資金需要連上關係 [6][
7][
14]。呢個轉變令數學變得更緊張:賣 BTC 可以即時換到基建和發展現金,但同時會削弱未來可用儲備 [
7][
14]。
如果目前剩餘儲備真係約 3,500至3,800 BTC,距離早前「最多 10,000 BTC」承諾已經有相當大落差;除非之後有新挖礦產出、其他未被追蹤儲備,或者另有融資結構填補,否則單靠現有可見 BTC 儲備,空間明顯收窄 [1][
7][
18]。
「9月耗盡」比較應該理解為直線推算警號,而唔係官方期限。
一份 4月報道估算,不丹 2026 年已清算約 2.3375億美元 BTC,剩餘儲備約 2.725億美元 [7]。另一份 5月報道就指,今年出售額超過 2.15億美元,到4月剩約 3,500 BTC [
1]。如果賣幣速度用同一個美元節奏延續,儲備確實可能進入夏末至初秋被大幅消耗嘅區間。
但呢個推算非常敏感。BTC 價格升、出售放慢、挖礦重新帶來流入,或者有未被追蹤嘅其他儲備,都會拉長可用時間;相反,若賣得更急或 BTC 跌價,時間表就會縮短。重點係,不丹政府未有公開詳細清算時間表,早前報道亦指出賣幣計劃缺乏完整公開披露 [14]。
目前最有根據嘅估算仍然係:2026 年已轉走或賣出約 2.15億至2.34億美元 BTC,4月前後仍持有約 3,500至3,800 BTC [1][
6][
7]。至於呢筆儲備能否繼續支撐 Gelephu Mindfulness City,關鍵唔只係「仲有幾多 BTC」,而係之後賣幣速度、BTC 價格、挖礦能否補倉,以及不丹會否用其他融資安排分擔壓力。
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- Bhutan has sold over $233M in Bitcoin in 2026, cutting holdings to 3,774 BTC to fund national development projects. - A 250 BTC transfer adds to a 70% drop from 13,000 BTC in 2024, as sales support Gelephu Mindfulness City plans. - With mining slowing aft...
Bhutan Moves $18 Million in Bitcoin Amid Ongoing Outflows in 2026 ... - Bhutan has liquidated $233.75M of Bitcoin in 2026, moving another 250 BTC ( $18M) and cutting reserves to 3,774 BTC (≈$272.5M). - Holdings are down 70% from 13,000 BTC in 2024; sales ar...
- Bhutan moved 319.7 BTC, signaling ongoing profit-taking from its state-run Bitcoin mining reserves. - On-chain data shows Bhutan has sold over 9,000 BTC since 2024, reducing holdings sharply. - Cheap hydro-powered mining once boosted BTC gains, but rising...
Key Takeaways - Bhutan moved 519.7 BTC valued at $36.75 million in its latest transaction on Wednesday - The kingdom has liquidated more than $152 million in Bitcoin so far in 2026 - BTC reserves have plummeted 66% from approximately 13,000 BTC to just 4,45...
Bhutan Sells 375 BTC to Fund Gelephu Mindfulness City ... - Bhutan's government sold $152 million in BitcoinBTC-- in 2026, including a $25.19 million transaction to Galaxy DigitalGLXY--, to fund infrastructure and the Gelephu Mindfulness City project. - Sal...
- Bhutan will use 10,000 Bitcoins to fund a special administrative region called the Gelephu Mindfulness City. ... Now, the Himalayan Kingdom of Bhutan wants to do something similar: Use its giant cryptocurrency stash to fund a “mindfulness city.” The count...
Bhutan unveiled a national Bitcoin Development Pledge that will allocate up to 10,000 bitcoin (BTC), valued around $860 million at current prices, to support the development of Gelephu Mindfulness City. The commitment positions bitcoin as a strategic nation...
Bhutan has unveiled a national Bitcoin Development Pledge that will allocate up to 10,000 bitcoin, worth about $860 million at current prices, to support the build-out of Gelephu Mindfulness City, marking one of the clearest moves yet by a sovereign to trea...
Bhutan Pledges $1 Billion in Bitcoin to Build ‘Mindfulness City’ Without Selling Reserves Share: Bhutan unveiled a national Bitcoin Development Pledge on Tuesday, committing up to 10,000 BTC , worth approximately $1 billion, to fund construction of Gelephu...
Bhutan has committed up to 10,000 bitcoin to support the long-term development of Gelephu Mindfulness City (GMC), marking one of the most ambitious sovereign uses of bitcoin for national infrastructure and economic development to date. The Himalayan kingdom...
Bhutan Pledges Up to 10,000 BTC to Finance Gelephu Mindfulness City • Show description: Bhutan announced an upper limit allocation of 10,000 bitcoin from sovereign reserves to finance Gelephu Mindfulness City, a planned special administrative region near th...