Bhutan accelerates Bitcoin sell-off as hydroelectric mining halts

Bhutan’s accelerated Bitcoin sell-off, triggered by halted hydroelectric mining, adds pressure to Bitcoin’s price targets. The market for Bitcoin reaching $100,000 by December 31, 2026, sits at 38% YES.

Market reaction

The halt in Bhutan’s state-backed mining operations has driven a large reduction in Bitcoin holdings, which fell from a peak of 13,000 BTC to around 3,800–4,500 BTC. This sell-off, combined with no significant inflows over the past year, puts bearish pressure on Bitcoin’s price targets. Still, the market pricing for Bitcoin reaching $100,000 has risen from 30% a week ago to 38% YES.

The Bitcoin $150,000 market remains subdued at 10% YES, slightly down from 24 hours ago. Traders are pricing in a more conservative outlook given the ongoing sell-off.

Why it matters

Trading volume is moderate: daily face value at $9,192 but only $2,187 in actual USDC transacted. Moving the $100,000 market by 5 percentage points requires $10,824, a relatively thick order book that suggests institutional participation would be needed for major shifts.

Bhutan’s sell-off signals a pivot away from state-backed crypto mining as a revenue source, not just a one-time liquidation. At 38¢, buying YES on $100,000 pays out $1 if successful, a 2.63x return. For traders, the question is whether that potential return compensates for the regulatory and market pressures weighing on price.

What to watch

Watch for Bitcoin institutional adoption developments, regulatory changes, and shifts in mining operations globally. Bhutan’s move might be isolated, but it could also prompt similar strategies from other state actors holding mined Bitcoin.

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