Recent on-chain data shows that Bhutan has continued to move Bitcoin from key holding wallets linked to the government over the past day. This latest transfer confirms the trend of sending BTC assets to the open markets this year.
Bhutan will transfer $120 million worth of Bitcoin in 2026
On Saturday, March 27, Arkham Intelligence revealed that the Bhutanese government sent $8.5 million worth of Bitcoin from a major holding address. “This transfer was made almost entirely to a new address with a separate address type from the holding address in Bhutan,” the on-chain analytics firm wrote to X.
Bhutan, a country known for its government-backed mining operations, is liquidating Bitcoin vaults built over the past few years. As Arkham stated in its report, the South Asian country will begin intermittent sales of Bitcoin (in denominations of $5 million to $10 million) starting in September 2025.
The cryptocurrency intelligence platform highlighted that Bhutan has transferred around $159 million from holding addresses since the beginning of the year, with more than $39 million going the other way. The move equates to a net outflow of $120 million worth of Bitcoin to public market participants or platforms, including exchanges and trading firms such as QCP Capital.
Source: @arkham on X
Arkham wrote on the X platform:
Bhutan sells a portion of its Bitcoin at a clip of ~$5-10 million and sold ~3500 BTC in mid-to-late September 2025. Bhutan’s outbound transfers have also begun to increase in recent weeks, and the state appears to have reduced its holdings by around 1700 BTC since the beginning of the year.
With the price of BTC struggling so far this year, it is not surprising that the country is looking to reduce its exposure to the world’s largest cryptocurrency by market capitalization. At the same time, continued outflows of Bitcoin from government-held addresses have sparked questions about whether Bhutan will leave the Bitcoin mining scene.
This question is given a lot of credence by the fact that, despite constant withdrawals, no confirmed Bhutanese holding address has seen an inflow of more than $100,000 in over a year. On-chain trends suggest a halt to mining operations in the Kingdom, but there is no way to confirm, especially considering the possibility of mining proceeds being moved to new, unmarked wallet addresses.
Bitcoin price at a glance
As of this writing, the BTC price is around $66,770, up more than 1% in the last 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image created by DALL.E, chart by TradingView
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