Key Points:
- Bhutan transacted 319.7 BTC, most of which was transferred via wallets associated with liquidity services.
- Over $215.7M in bitcoin has left Bhutan wallets in 2026, with most sent to unlabeled addresses.
- The holdings decreased to 3,954 BTC, approximately 70% less than 13,000 BTC in 2024.
Bhutan bitcoin transfers continued this week after the Royal Government moved approximately 319.7 BTC, valued at about $22.68 million, to two separate wallet addresses, according to on-chain tracking data. The transactions were identified on Thursday and form part of a broader sequence of movements involving the country’s digital asset reserves.
Blockchain analytics platform Onchain Lens, citing Arkham data, reported that the transfers included a large portion routed through a wallet historically linked to exchange-related flows, while a smaller portion was directed to a newly created, unmarked address.
Bhutan Bitcoin Transfers Demonstrate further Outflows
Statistics from Arkham show that bitcoin transfer activity from Bhutan has reached considerable volume since the start of the year. A total of about $215.7 million in bitcoin value has been recorded as remaining in government-owned wallets in 2026. Of the total amount of bitcoin transferred, about $162.6 million has been sent to untagged addresses.
Source: On-chain tracking data Arkham
The most recent transaction involved 250 BTC sent to a wallet associated with flows involving Galaxy Digital and OKX. Moreover, 69.7 BTC was transferred to a newly discovered address that has never been affiliated with anyone. This indicates that around 3,954 BTC remain with Bhutan, valued at $280.6 million at current prices.
These values are based on publicly monitored wallet information associated with the government and its investment agency.
Holdings Fall to October 2024 highs.
The pattern of bitcoin transfers in Bhutan shows a major fall in its stock over the years. In October 2024, the country reached a peak of 13,000 BTC. The holdings have since decreased considerably, and the current balances reflect a decline of about 70%.
In March 2026, wallets linked to Bhutan moved more than 1,667 BTC, worth approximately $120 million at the time. These transfers formed part of a broader sequence of outflows that continued into April.
Despite the decrease, Bhutan remains among the largest publicly tracked nation-state holders of bitcoin. Current rankings place the country fifth, behind the United States, which holds about 328,000 BTC, and the United Kingdom, with 61,000 BTC. El Salvador and the United Arab Emirates hold approximately 7,600 BTC and 7,000 BTC, respectively.
Bhutan’s bitcoin assets are managed by Druk Holding and Investments Ltd., the country’s sovereign wealth fund.
Mining Activity and Hydropower-Accumulation.
Bhutan’s bitcoin hoarding has always been linked to its domestic energy resources. Excess hydropower has been used in the country to run its mining infrastructure, turning excess electricity into digital assets. This strategy has helped Bhutan to produce bitcoin without the need for external energy.
Mining is powered by carbon-free energy, and the government uses hydropower capacity to run high-performance computing systems for bitcoin mining. Such a framework has also been linked to attempts to position mined bitcoin as environmentally, socially, and governance-compliant.
This loss of incoming transactions has been accompanied by an ongoing outflow, but no formal report has been made on the situation of the mining activities.
Unspecified Purpose Behind Recent Transfers
Authorities have not publicly announced the purpose of the recent bitcoin transfers in Bhutan. Consequently, these transactions are interpreted based on observed wallet behavior and transaction patterns.
In December 2025, Bhutan announced a Bitcoin Development Pledge, stating its intention to set aside up to 10,000 BTC for long-term economic activity.
The distribution is linked with the Gelephu Mindfulness City project, which is a special administrative region. The officials said that the funds would be utilized through collateralization, low-risk yield strategies, or holding long-term.
Bitcoin Price Situation and Market Conditions.
Bitcoin has fallen over the last 24 hours, and the price action indicates intraday volatility is resilient and a weak downward trend. The figures at CoinMarketCap show that BTC dropped approximately 1.08% to $71,157 after rising to $72,500 in the session.
Source: CoinmarketCap
The price movement developed a sharp pullback and subsequently lower highs, indicating that short-term momentum was weakening. Capitalization on the market dropped to about $1.42 trillion, and the 24-hour trading volume declined by over 26%. The decrease in volume indicates lower activity as Bitcoin traded around $71,000, under constant selling pressure.
