Bhutanese Government Continues Bitcoin Transfers! Hundreds of BTC Moved to Different Addresses! Here Are the Details

Recent Bitcoin transfers by Bhutanese government entities have drawn the attention of market participants. According to data shared by the onchain data platform Arkham Intelligence, the country transferred a total of 973 $BTC to different addresses on Tuesday and Wednesday. The total value of these transfers is estimated at approximately $72.3 million.

According to Arkham’s report, approximately $44.4 million worth of Bitcoin was sent to two unknown wallet addresses in the last 24 hours alone. These transactions were reportedly carried out from addresses linked to Druk Holding & Investments, Bhutan’s sovereign wealth fund.

Among the transfers that took place, one of the most notable transactions was the sending of 20.5 $BTC, worth approximately $1.52 million, to the over-the-counter (OTC) trading platform QCP Capital. Such transactions are generally preferred for large-scale asset sales that can be carried out without affecting market prices.

According to Arkham data, Bhutan has processed Bitcoin transfers totaling over $110 million since the beginning of the year. The country’s current reserves are estimated at approximately 4,453 $BTC, valued at around $330 million. Bhutan’s Bitcoin holdings peaked at over 13,000 $BTC in October 2024.

Bhutan had largely built its Bitcoin reserves through mining operations powered by hydroelectric energy. However, Arkham noted that the lack of new inflows exceeding $100,000 in the past year suggests the country may have ceased its mining activities.

Analysts say that such large, government-linked transfers could create potential selling pressure on the market, but the fact that most transactions are conducted through OTC channels may limit the direct price impact.

*This is not investment advice.