Bhutan Moves $72M Bitcoin as Holdings Drop Sharply From Peak

• Bhutan moved $72M BTC in 24 hours, with 2026 outflows exceeding $110M
• Holdings dropped from 13,000 BTC to about 4,450 BTC since 2024 peak
• No major Bitcoin inflows recorded for over a year, signaling reduced mining

Bhutan transferred about $72.32 million in Bitcoin within 24 hours between March 17 and March 18, 2026, based on Arkham Intelligence data. Linked to Druk Holding & Investments, the moves pushed 2026 outflows beyond $110 million.

A total of 973 BTC was transferred, including 595.848 BTC worth $44.44 million. A small test transaction preceded the transfers, with some funds sent to QCP Capital and others to unidentified wallets.

Steady Outflows Reflect Ongoing Treasury Activity

Bhutan’s recent transfers follow a pattern seen earlier this year. On March 17, the country moved 205.53 BTC, valued at about $15.14 million. Another 150 BTC, worth around $11.14 million, was also transferred on the same day. Since January 2026, Bhutan has reportedly sold more than $40 million in Bitcoin through smaller transactions. 

These transfers are often spread across multiple wallets. This structure helps reduce the chance of sudden market price changes. Analysts tracking blockchain data note that such activity is common in treasury management. Funds are often routed through over-the-counter platforms instead of public exchanges. 

This approach allows large transactions without affecting open market pricing. Despite these large movements, Bitcoin prices remained stable during the transfer window.

The asset traded near $74,268 at the time. Market participants continue to monitor such sovereign activity due to its scale.

Bitcoin Holdings Decline From Earlier Peak Levels

Bhutan’s Bitcoin reserves have declined sharply from earlier levels. At its peak in October 2024, the country held more than 13,000 BTC. Current estimates place holdings at around 4,453 BTC. The value of these holdings has also dropped. Earlier estimates placed the portfolio above $1.5 billion. Current valuations suggest it is closer to $330 million, based on recent prices.

The reduction reflects consistent selling over time rather than a single large event. On-chain data shows no major Bitcoin inflows above $100,000 in more than a year. This marks a change from earlier activity, where mining rewards were regularly added.

Historical records confirm Bhutan previously accumulated Bitcoin through hydroelectric-powered mining. The absence of recent inflows suggests that mining activity may have slowed or stopped. Changes in market conditions and energy priorities may have influenced this shift.

Mining Activity Shows Signs of Slowdown

Bhutan’s earlier Bitcoin strategy relied on surplus hydroelectric energy for mining. This allowed the country to build large reserves over time.

Small, frequent inflows in past data support this approach. Recent blockchain data shows a lack of similar inflows. No large deposits linked to mining have been recorded for over a year. 

This trend raises questions about current mining operations. The 2024 Bitcoin halving event may have affected mining profitability. At the same time, energy resources may have been redirected to other national needs. These factors can influence decisions around mining activity.

Bhutan still holds a notable Bitcoin reserve despite the decline. Its current holdings remain among the larger sovereign positions. Market observers continue to track wallet activity for further signals.

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