Recent on-chain data indicates that Bhutan has been transferring Bitcoin from its main government-linked wallets in the past 24 hours. This latest transfer confirms the ongoing trend of sending out their BTC assets to the open market this year.
Bhutan Transfers $120 Million Worth of Bitcoin in 2026
On Saturday, March 27th, Arkham Intelligence reported that the Bhutanese government moved $8.5 million worth of Bitcoin from its primary holding addresses. According to the on-chain analytics firm, this transfer primarily went to a new address with a different address type from Bhutan’s holding addresses.
Bhutan, known for its government-backed mining operations, has been reducing its Bitcoin reserves accumulated over the past few years. As per Arkham’s findings, the South-Asian nation has been intermittently selling its Bitcoin (in batches ranging from $5 to $10 million) since September 2025.
The crypto intelligence platform highlighted that Bhutan has shifted around $159 million out of its holding addresses since the beginning of the year, with over $39 million flowing back in the opposite direction. This movement results in a net outflow of $120 million worth of Bitcoin to open-market participants or platforms, such as exchanges and trading firms like QCP Capital.
Source: @arkham on X
Arkham stated on the X platform:
Bhutan sells segments of its Bitcoin in amounts of ~$5-10M, and sold ~3500 BTC in mid-late September 2025. Bhutan’s outward transfer volume has also been increasing in recent weeks, with the state seemingly reducing its holdings by approximately 1700 BTC since the start of the year.
With the BTC price facing challenges this year, it is understandable that the country may be looking to lessen its exposure to the leading cryptocurrency by market capitalization. Simultaneously, the continuous outflow of Bitcoin from the government’s holding addresses raises questions about whether Bhutan is exiting the Bitcoin mining arena.
This speculation gains traction as the identified Bhutan holding addresses have not seen an inflow above $100,000 in over a year, despite ongoing withdrawals. While the on-chain data hints at a pause in the kingdom’s mining activities, confirmation is challenging, especially considering the potential movement of mining profits to new, undisclosed wallet addresses.
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