Bhutan Moves 250 BTC as 2026 Outflows Top $240 Million: Arkham Data

TLDR

• Bhutan transferred 250 BTC to a newly created wallet on Wednesday.
• The latest move was worth about $18.46 million based on Arkham data.
• Bhutan’s total 2026 Bitcoin outflows have reached 3,247 BTC.
• Those outflows are valued at about $240.4 million at current prices.
• Government-linked wallets now hold 3,524 BTC, down from nearly 13,000 BTC in October 2024.

The Royal Government of Bhutan has moved 250 BTC worth about $18.46 million to a newly created wallet on Wednesday, according to data tracked by Arkham. The transfer adds to a series of Bitcoin movements recorded this year and brings Bhutan’s total 2026 outflows to 3,247 BTC, valued at about $240.4 million at current prices. The purpose of the latest transaction was not immediately identified in the data cited in market reports.

Arkham-labeled wallets linked to Bhutan now hold about 3,524 BTC, worth roughly $260.9 million. That marks a sharp decline from the country’s peak of nearly 13,000 BTC in October 2024. Based on the reported figures, Bhutan’s publicly known Bitcoin holdings have fallen by about 73% from that earlier high. The same wallet cluster also holds 30.15 ETH, valued at about $70,160.

The latest transfer followed earlier wallet activity that on-chain analysts have associated with possible sales. In a recent case, 250 BTC was sent to a wallet previously used to route funds to Galaxy Digital and OKX. The newest movement, however, was directed to a newly created address, leaving the final destination and use of the funds unclear at the time of reporting.

Bhutan’s Bitcoin Holdings Continue to Decline

Bhutan built its Bitcoin reserves through state-backed mining operations powered by the country’s hydroelectric resources. That mining model allowed the country to accumulate a large BTC treasury during earlier market cycles.

Arkham data cited in the reports showed that the last Bitcoin inflow above $100,000 to government-labeled wallets took place more than a year ago, suggesting that recent wallet activity has been dominated by outflows rather than new accumulation.

The drop in holdings has drawn attention because Bhutan was once among the more closely watched sovereign-linked Bitcoin holders. The decline from nearly 13,000 BTC to 3,524 BTC has taken place over a period in which the government’s wallet activity has repeatedly moved coins away from long-observed reserve addresses. Public on-chain labels do not always show whether such transfers end in custody changes, exchange deposits, or internal reorganization, but the repeated outflows have kept market attention on Bhutan’s treasury activity.

Arkham Data Tracks 2026 Outflows Above $240 Million

The transfer recorded on Wednesday included a series of transactions rather than one single movement. Reported on-chain records showed two larger transfers of 162.047 BTC and 69.707 BTC, alongside smaller transactions in the range of about 4 BTC to 5 BTC. Together, those transfers added up to roughly 250 BTC moved out of the government-linked wallet cluster.

At current prices cited in the market reports, Bhutan’s 2026 outflows total about $240.4 million. That figure reflects the cumulative value of 3,247 BTC moved from wallets labeled by Arkham as belonging to the Royal Government of Bhutan. The repeated transfers have come during a period when Bitcoin has remained below its 2025 peak but has still recovered from earlier lows.

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