As a crypto investor, I’m seeing some concerning signals from Bhutan. It looks like they’re actively moving Bitcoin to wallets connected to exchanges, and it seems like the amount of Bitcoin coming *into* the country is slowing down. This strongly suggests that people are still selling off their Bitcoin holdings there, adding to the overall selling pressure in the market.
The Bhutanese government appears to be continuing to sell its Bitcoin. Recent blockchain data suggests they’re using major cryptocurrency exchanges to do so, following a pattern of consistent Bitcoin withdrawals from government-controlled accounts over the past several months.
Exchange-Linked Bitcoin Transfers from Bhutan Signal Possible Selling Activity
According to blockchain tracking firm Onchain Lens, Bhutan recently moved approximately 319.7 Bitcoin, valued at around $22.68 million. About 250 Bitcoin of this amount was sent to a wallet often associated with transactions involving Galaxy Digital and OKX.
The Royal Government of Bhutan moved 319.7 worth $22.67M to 2 wallets:
There are two wallets involved: a new one, probably used for exchanges, and an older one previously used for handling funds from sales on various digital platforms.
— Onchain Lens (@OnchainLens)
Recently, 69.7 Bitcoin was transferred to a brand new wallet. According to data from Arkham Intelligence, Bhutan has moved a total of $215.7 million worth of Bitcoin out of its main wallets this year (2026).
In addition, around $162.6 million has been sent to wallets where the owners aren’t identified. This type of activity often suggests funds are being moved through private sales or distributed in phases. However, there’s been no official explanation of why these transfers occurred.
Despite ongoing withdrawals, the country’s Bitcoin holdings are currently worth about $280.6 million. This is significantly less than the peak of almost 13,000 BTC reached in October 2024. Druk Holding and Investments Ltd. is responsible for managing these digital assets.
Bhutan’s Bitcoin Mining Activity Slows as Inflows Dry Up
Bhutan has been building up its Bitcoin holdings mainly through government-backed mining, taking advantage of its plentiful hydropower. But this activity seems to have slowed down recently.
According to data from Arkham Intelligence, no large transactions—over $100,000—have been sent to wallets connected to the government in the last year. This lack of significant funding is raising questions about whether large-scale cryptocurrency mining is still happening.
Bitcoin’s price has slightly decreased after reports of recent transfers. It was trading at approximately $70,997, a 1.3% drop over the last 24 hours, as reported by CoinMarketCap.
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2026-04-09 18:51