On-Chain Data Flags Bhutan’s $22M BTC Transfer to Exchange-Linked Wallets

Bhutan routes BTC to exchange-linked wallets as inflows dry up, suggesting continued liquidation pressure.

Recent activity shows the Royal Government of Bhutan continuing to reposition its Bitcoin holdings. On-chain transfers point to potential selling routes tied to major crypto platforms. The movements follow months of steady outflows from government-linked wallets.

Exchange-Linked Bitcoin Transfers from Bhutan Signal Possible Selling Activity

Bhutan has shifted about 319.7 BTC, worth roughly $22.68 million, according to blockchain tracker Onchain Lens. Around 250 BTC was directed to a wallet commonly tied to transactions involving Galaxy Digital and OKX. 

Meanwhile, 69.7 BTC was moved to a new wallet with no prior activity. Recent data from Arkham Intelligence shows total outflows from Bhutan’s main wallets have reached $215.7 million so far in 2026. 

Furthermore, roughly $162.6 million of that total has been routed to wallets without clear ownership tags. Moves of this nature are commonly linked to offloading through private deals or staged distribution. Still, no direct statement has clarified the intent behind the transfers.

Even with continued outflows, Bhutan retains 3,954 BTC, currently valued at around $280.6 million. That figure stands well below its earlier peak of nearly 13,000 BTC recorded in October 2024. Oversight of these digital assets sits with Druk Holding and Investments Ltd., which manages the country’s crypto-related positions.

Bhutan’s Bitcoin Mining Activity Slows as Inflows Dry Up

Bitcoin accumulation in Bhutan is largely through state-supported mining operations powered by its abundant hydropower capacity. However, activity on that front appears to have quieted in recent months.

Data from Arkham Intelligence shows no incoming transactions above $100,000 into government-linked wallets over the past year. That absence of significant inflows has led to growing uncertainty about whether mining operations are still operating at scale.

At the same time, price action has edged lower following news of the transfers. Bitcoin was trading around $70,997, down 1.3% over the past 24 hours, according to CoinMarketCap. 

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