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Bhutan has moved 973 BTC, worth $72.3 million, in a 24 hour period.
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On chain data shows that no Bitcoin mining inflow has exceeded $100,000 in the past 12 months.
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Bhutan has deposited $383.41 millions in exchanges since August 20, 21.
The Royal Government of Bhutan transferred 973 Bitcoins, worth $72.3 million, from its known addresses in less than 24 hours. Arkham Intelligence’s on-chain data shows that the transfers started on Tuesday and continued through Wednesday. The activity comes after a separate $1.52million transfer to QCP Capital’s institutional trading desk reported the day before.
Details on the Transfer
Bhutan’s government wallet was operated by Druk Holdings through its sovereign investment arm. It sent 595.848 BTC worth $44.44million to an unidentified location a few hours prior to this report. A smaller test transaction, valued at 0.0006 BTC, preceded it. This is a common pattern used before large transfers.
Earlier, in the same 24-hour period, the government transferred 205.53 BTC (15.14 millions) and 150.047 BTC (11.14 millions) to separate addresses. Around 20.506 BTC was sent to QCP Capital’s merchant deposit address. This is consistent with the reported activity on Tuesday.
Bhutan’s Bitcoin holdings now total approximately 4,453 BTC worth $330 million. The portfolio peaked at $1.8 billion by late 2024.
Has Bhutan Stopped Bitcoin Mining?
Not only the outflows but also the absence of inflows is what draws attention. Blockchain records show Bhutan received regular Bitcoin deposits in the past from Ant Pool, an important mining reward distribution platform. These deposits, which were often made every few days, and ranged between 1 and 9 BTC, ceased to appear in amounts exceeding $100,000 more than a year ago.
Bhutan built its Bitcoin position through hydroelectric-powered mining, a government-run operation that used the country’s geography to generate cheap, clean energy for Bitcoin production. The disappearance inflows of mining raises the question as to whether this operation has been scaled down or shut down completely.
Where is Bhutan’s Bitcoin going?
Arkham data show that Bhutan has deposited $383.41 millions into exchanges since August 20, 21. Binance received 69%. Historical withdrawal data shows that $262.48 millions have left exchanges. This suggests that a portion has already been converted to other assets or cash.
Bhutan has not publicly announced its Bitcoin strategy. No official explanation for the recent reduction in inflows, or the magnitude of recent outflows, has been given.
Analysts who track sovereign Bitcoin activity note Bhutan’s portfolio decline from $1.8 billion down to $330 millions aligns with the broader period of Bitcoin prices correction since its highs in late 2025. Bhutan’s response to fiscal needs, risk exposure or even exiting the space remains unknown.
Related:Bhutan timing the top? Inside the Kingdom’s $6.7M Bitcoin move
