- Selling involved roughly 250 BTC, transferred from state‑linked wallets to a new address.
- This latest sale pushes Bhutan’s total Bitcoin outflows for 2026 past 3,200 BTC.
- Government-linked wallets now hold about 3,500 BTC, a 70% drop in the last 18 months.
The Royal Government of Bhutan sold another $18.46 million in Bitcoin, per Arkham Intelligence data. This continues a months‑long pattern of outflows from one of the most closely watched state‑level Bitcoin holders.
The most recent movement involved approximately 250 BTC, transferred from state‑linked wallets to a new address, a pattern that usually points to exchange deposits or liquidation.
This latest sale pushes Bhutan’s total Bitcoin outflows for 2026 past 3,200 BTC, which is roughly $240 million worth.
Government-linked wallets now hold about 3,500 BTC (approximately $260 million), a steep drop from the 2024 peak of nearly 13,000 BTC. In fact, this represents a roughly 70% drop in the last year and a half, one of the biggest state‑level crypto sell‑offs to date.
Arkham notes that if the current pace continues, Bhutan could fully empty its remaining BTC reserves by late 2026, even as early as September. Also, the country’s Bitcoin mining (once fueled by cheap hydro power) has slowed since the 2024 halving, meaning less new BTC is coming in.
Bitcoin sales are reportedly being used to finance large-scale projects, such as the Gelephu Mindfulness City, a big economic initiative meant to fuel long‑term growth.
Limited Market Impact
Despite the scale of the recent selling, Bhutan’s activity has had a limited immediate impact on Bitcoin’s price.
This is primarily due to the country’s controlled selling strategy. Bhutan is selling Bitcoin in small, spaced‑out chunks ($5 million to $20 million) to keep from rattling the market or causing sudden liquidity problems.
In addition, big capital coming in through ETFs and other channels is soaking up the extra supply. The ETF part is especially notable since many big companies, such as Morgan Stanley or Goldman Sachs, launched Bitcoin ETFs recently.
As for Bitcoin itself, the cryptocurrency king has been rather volatile in recent times, mainly due to the ongoing geopolitical issues, including the US-Iran conflict.
Its price has dropped sharply, compared to a few months ago, and is now sitting at roughly $74,000. Nonetheless, some signs of recovery are there since it did get a boost of around 5% in the last 7 days, according to CoinMarketCap.
Related: Bhutan Moves $18 Million in Bitcoin Amid Ongoing Outflows in 2026
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