Bhutan moves another $8.2M in Bitcoin as state reserves keep falling

Bhutan’s government has moved another 100.44 BTC worth roughly $8.2 million, extending a months-long pattern of treasury outflows tied to wallets tracked by blockchain analytics firms.

According to on-chain data published Tuesday by Arkham Intelligence, the Royal Government of Bhutan transferred the bitcoin at 5:27 a.m. UTC through three separate transactions to an unlabeled wallet beginning with “bc1qn.” Arkham, which started monitoring Bhutan’s holdings in 2024, said the movement appeared consistent with prior transactions linked to selling activity.

Analysts at Arkham estimated that Bhutan-linked wallets have recorded more than $230 million in outflows since the beginning of 2026, averaging close to $50 million in BTC movements per month. The firm added that Bhutan would still hold roughly $767 million in unrealized on-chain profit if its remaining reserves were liquidated at current market prices.

Although the destination wallet has not been identified publicly, Arkham noted that earlier Bhutan transfers had eventually reached crypto exchange Binance and investment firm Galaxy Digital. 

At the same time, the analytics platform said the latest transfer may not necessarily indicate an immediate sale because the assets were moved from an older address format beginning with “3” into a newer SegWit-style “bc1q” address.

Older Pay-to-PubKey-Hash Bitcoin addresses typically begin with “1,” while Pay-to-Script-Hash addresses start with “3.” Native SegWit wallets use the “bc1q” format, followed by Taproot addresses beginning with “bc1p,” which currently represent the latest Bitcoin address standard.

Bhutan’s BTC reserves continue falling

Fresh wallet activity has arrived after several large Bhutan-linked transfers earlier this year. In March, blockchain trackers including Onchain Lens and Arkham flagged transactions totaling around 700 BTC, then valued near $50 million, from wallets connected to Bhutan’s sovereign investment arm, Druk Holding & Investments.

One of those March transfers routed 325 BTC to a wallet previously associated with Galaxy Digital, while another 375 BTC transaction was sent to an unidentified address that analysts suspected could belong to an over-the-counter trading desk or a separate custodian solution.

Reporting from Yahoo Finance later stated that Bhutan had moved more than $84 million worth of bitcoin during March 2026 alone, while MEXC News separately identified another 519.7 BTC transaction linked to wallets interacting with Singapore-based OTC trading firm QCP Capital. According to Bitcoin.com, Bhutan had also transferred 175 BTC earlier in the month when Bitcoin traded near $68,600.

Arkham’s latest data shows Bhutan still controls approximately 3,119 BTC valued at about $252.3 million. The reserve has dropped sharply from holdings of more than 13,000 BTC recorded in October 2024, with nearly 3,000 BTC leaving tracked wallets since the start of this year.