The Royal Government of Bhutan transferred 250 Bitcoin (BTC) worth approximately $18.46 million to a newly created wallet, extending a series of outflows tracked throughout 2026. Data from blockchain analytics firm Arkham shows that Bhutan has moved 3,247 BTC so far this year, bringing total 2026 outflows to roughly $240.4 million at current market prices.
Following the latest transaction, government-linked wallets now hold about 3,524 BTC, valued near $260.9 million, representing a 73% decline from the country’s peak holdings of nearly 13,000 BTC recorded in October 2024. The wallets also contain 30.15 ETH, valued at roughly $70,160.
Mining Strategy and Possible Institutional Routing Activity
Bhutan originally accumulated its Bitcoin reserves through state-backed mining operations powered by hydroelectric energy, a strategy that positioned the country among notable sovereign Bitcoin holders. Analysts have linked earlier transfers to potential sale-related activity, including movements of 250 BTC to wallets previously associated with institutional routes involving Galaxy Digital and OKX.
Blockchain records indicate that the last Bitcoin inflow exceeding $100,000 into government-linked wallets occurred more than a year ago, suggesting a shift from accumulation to distribution.
Bitcoin Market Context and Price Performance
Bitcoin traded near $74,411 in recent sessions, gaining approximately 3% over the past week and about 23% since rebounding from a low near $60,000 recorded on February 6. Despite the recovery, the cryptocurrency remains about 41% below its all-time high of roughly $126,000 reached on October 6, 2025, reflecting ongoing market volatility even as sovereign-level movements draw increased attention.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.