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- Bhutan shifts millions in Bitcoin again as hidden wallets raise sale fears
- Onchain data reveals structured transfers linked to major crypto liquidity platforms
- Declining reserves and stalled mining add pressure to Bhutan’s Bitcoin strategy
Bhutan has again transferred a significant part of its bitcoin deposits, fueling speculation about potential asset sales. The most recent transaction has become the centre of attention because of the way and timing of how it was made, and because other movements have been made over the year. In addition, these transfers are still redefining the overall reserve position of the country in the face of evolving market conditions.
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Big Bitcoin Moves Separated into Exchange-Linked and New Purses.
Blockchain analytics provider Onchain Lens cited data on Arkham and reported that Bhutan transferred about 319.7 BTC on Thursday. The transfer was estimated to be worth $22.68 million at the time of transfer. Also, according to the statistics, approximately 250 BTC was received in a wallet related to the transfer of funds via Galaxy Digital and OKX. These platforms are usually associated with massive liquidity activities and institutionalised trading flows.
Meanwhile, 69.7 BTC was sent to a newly created wallet, having no transaction history. This disaggregation of funds has continued to cast more doubts on the motives of the transfers. This has raised increasing fears that Bhutan may be preparing some of its holdings to be marketed, and thus, the structure of the movement has been fueling this fear.
An expanded observation of the activity in Bhutan shows that there was a regular pattern of reserve adjustments during the year. Arkham explains that the government has already transacted over $215.7 million worth of bitcoin in 2026. Interestingly, about $162.6 million of that value has been moved into unlabeled wallets, and thus, it is harder to track.
In the meantime, the remaining holdings of Bhutan total approximately 3,954 BTC, which is worth approximately $280.6 million. This is a sizeable decrease from its high of about 13,000 BTC in October 2024. These digital assets are still managed by Druk Holding and Investments Ltd., the sovereign wealth fund of the country, and carry out transactions.
Mining Slowdown Adds Pressure to Ongoing Distribution Trend
Also, the previous approach of Bhutan was based on the extensive use of hydropower in bitcoin mining. However, recent on-chain readings indicate that mining operations might have decreased or even ceased altogether. Arkham documents show that the most recent large inflow, over $100,000, was over 12 months ago. This disparity has reinforced the story that accumulation has stagnated, and distribution is growing.
Moreover, there are other contextual factors in these movements that can be seen in market conditions. Bitcoin was traded at around $70,859 in the last transfer window, a slight decrease on a daily basis. Nonetheless, the asset is still far away from its peak of about $124,900 that it reached in October 2025.
However, the flow of money into exchange-linked and untraceable wallets has continued to raise questions concerning the possible sales. The frequent bitcoin transfers and the increasing use of hidden wallets in Bhutan are resulting in speculation, with on-chain data indicating the potential move to gradual liquidation of assets.
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