鏈上追蹤與加密市場報導估計,不丹 2026 年已移出或出售約 2.15 億至 2.34 億美元 BTC,4 月約仍持有 3,500 至 3,800 BTC;但這並非官方完整資產負債表。 賣幣壓力來自新增挖礦流入放緩、短期流動性需求,以及國家基建與 Gelephu Mindfulness City 的資金需求。

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
不丹的比特幣故事,已不只是「小國挖礦」的奇聞,而是主權加密資產管理的一場壓力測試:一個以水力發電支撐挖礦、累積 BTC 儲備的國家,現在被報導正把部分比特幣換成發展現金流 [6][
7][
22]。
但要先劃清界線:目前最常被引用的數字,多來自鏈上分析與加密市場媒體報導,而不是不丹政府公布的完整資產負債表 [1][
2][
14]。因此,以下應被視為「可得資料下的估算」,不是官方結算。
不丹 2026 年的比特幣賣壓,主要看起來由三股力量交會而成:新挖出的 BTC 流入放緩、短期資金需求升高,以及包括 Gelephu Mindfulness City(GMC,暫譯:Gelephu 正念城)在內的國家發展項目需要資金 。
Studio Global AI
Use this topic as a starting point for a fresh source-backed answer, then compare citations before you share it.
鏈上追蹤與加密市場報導估計,不丹 2026 年已移出或出售約 2.15 億至 2.34 億美元 BTC,4 月約仍持有 3,500 至 3,800 BTC;但這並非官方完整資產負債表。
鏈上追蹤與加密市場報導估計,不丹 2026 年已移出或出售約 2.15 億至 2.34 億美元 BTC,4 月約仍持有 3,500 至 3,800 BTC;但這並非官方完整資產負債表。 賣幣壓力來自新增挖礦流入放緩、短期流動性需求,以及國家基建與 Gelephu Mindfulness City 的資金需求。
「9 月見底」只能視為按目前速度外推的風險提示,仍取決於 BTC 價格、出售節奏、新挖礦流入與未被追蹤的儲備。
繼續閱讀「美光 256GB DDR5 RDIMM:9,200 MT/s 背後的 AI 資料中心記憶體缺口」,從另一個角度查看更多引用來源。
開啟相關頁面將這個答案與「AI 記憶體荒為何推升三星、SK 海力士與美光?」交叉比對。
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...
多篇報導描述,與不丹王國政府及 Druk Holding & Investments 相關的錢包,持續把 BTC 轉往交易所相關地址或場外交易(OTC)對手方;這類安排通常被用來降低對公開市場價格的直接衝擊 [1][
14]。
截至 2026 年 4 月至 5 月初,較合理的工作區間是:不丹在 2026 年已移出或出售約 2.15 億至 2.34 億美元的 BTC,仍持有約 3,500 至 3,800 BTC [1][
6][
7]。由於這些數字仰賴錢包流向與第三方追蹤,不能等同於政府正式公布的帳目 [
1][
2][
14]。
不同報導的數字不一致,主要是因為統計時間點不同、BTC 價格假設不同,而且「鏈上移動」不一定等同「已完成出售」。目前可見的脈絡如下:
| 報導時間點 | 報導內容 |
|---|---|
| 2026 年 3 月上旬 | 與不丹相關的錢包在 2026 年已移出約 4,250 萬美元的 BTC 與 USDT [ |
| 2026 年 3 月下旬 | 一筆 519.7 BTC、約 3,675 萬美元的轉帳,使 2026 年外流總額升至 1.52 億美元以上,持倉約 4,453 BTC [ |
| 2026 年 4 月上旬 | 報導追蹤到額外轉帳,包括 319.7 BTC、約 2,270 萬美元 [ |
| 2026 年 4 月 10 至 11 日 | 其他報導估計,2026 年清算總額超過 2.33 億美元,剩餘持倉約 3,774 BTC,按當時價格約值 2.725 億美元 [ |
| 2026 年 5 月 1 日 | 後續報導稱,2026 年銷售額超過 2.15 億美元,並估計 4 月時儲備約為 3,500 BTC [ |
所以,與其抓一個看似精確的數字,更穩妥的說法是:2026 年約有 2.15 億至 2.34 億美元 BTC 被移出或出售,4 月仍保留約 3,500 至 3,800 BTC [1][
6][
7]。差距來自統計截止日、價格換算,以及鏈上轉帳與主權資產報表之間的落差 [
1][
14]。
簡單說,減半讓每個區塊新產出的 BTC 變少;挖礦難度上升,則代表全球礦工用更強算力爭奪同樣的獎勵。水電優勢仍可降低營運成本,但依目前報導,不丹新挖出的 BTC 已不足以抵銷 2026 年賣出的速度 [1][
6][
7]。
Gelephu Mindfulness City 是不丹南部規劃中的特別行政區與經濟樞紐 [17][
19]。2025 年 12 月,不丹宣布一項「Bitcoin Development Pledge」,最多配置 10,000 BTC 支持該項目;按當時報導估值,約為 8.6 億至 10 億美元 [
18][
19][
21]。
當時的說法,較偏向長期財庫策略:可能透過抵押、收益策略或長期持有等方式運用 BTC,而不是立刻賣出 [18][
20][
21]。不過,2026 年的外流報導已把實際 BTC 銷售,與國家基礎建設及 Gelephu Mindfulness City 的資金需求連在一起 [
6][
7][
14]。
這會讓算式改變。出售 BTC 可以快速換來現金,支應基建與開發支出;但同時也會削減未來可用的主權比特幣儲備 [7][
14]。如果不丹目前被追蹤到的持倉約只剩 3,500 至 3,800 BTC,距離先前「最多 10,000 BTC」的承諾上限已明顯不足,除非之後有新的挖礦產出、其他未揭露儲備,或不同的融資架構補上缺口 [
1][
7][
18]。
「9 月見底」應被理解為一種直線外推的風險提醒,而不是官方時間表。
一篇 4 月報導估算,不丹 2026 年已清算約 2.3375 億美元 BTC,剩餘持倉約值 2.725 億美元 [7]。另一篇 5 月報導則稱,2026 年銷售額超過 2.15 億美元,剩餘約 3,500 BTC [
1]。如果未來仍按接近同樣的美元速度賣出,剩餘儲備確實可能被推向夏末或初秋的耗盡區間。
但這個推估非常敏感。BTC 價格若上升、出售節奏若放慢、挖礦流入若恢復,或存在未被鏈上追蹤歸類的儲備,都可能延長可用時間;反之,若加速賣出或 BTC 價格下跌,耗盡時間就會提前。不丹政府並未公布詳細清算時間表,先前報導也指出賣出計畫缺乏完整公開揭露 [14]。
不丹看起來不是單純「砍倉」一項閒置資產。更合理的解讀是:它正在把過去以水力挖礦累積的 BTC 儲備,轉化為國家發展所需的流動性;而這發生在挖礦經濟條件變差、Gelephu Mindfulness City 又需要大量開發資金的時點 [6][
7][
14]。
目前最有依據的估算是:不丹 2026 年已移出或出售約 2.15 億至 2.34 億美元 BTC,4 月仍保留約 3,500 至 3,800 BTC [1][
6][
7]。這筆儲備能否撐過接下來幾個月、並繼續支持 Gelephu Mindfulness City,將取決於三件事:賣出速度、比特幣價格,以及是否有新的挖礦或其他融資來源補進財庫。
美光 256GB DDR5 RDIMM:9,200 MT/s 對 AI 資料中心意味著什麼
- 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...