Bhutan has moved more than $72 million worth of bitcoin in just 24 hours, according to blockchain data.
On Tuesday and Wednesday, the Royal Government of Bhutan transferred 973 BTC, worth around $72.3 million, to several unknown wallet addresses. The data comes from Arkham Intelligence.
The transfers came from wallets linked to Druk Holding & Investments, Bhutan’s sovereign wealth fund. The fund manages the country’s bitcoin reserves.
Arkham said $44.4 million of the total was sent in one batch to two unknown addresses. Around 20.5 BTC, worth about $1.5 million, went to crypto trading firm QCP Capital.
When earlier transactions are included, Bhutan has moved over $110 million in bitcoin so far this year. The country currently holds about 4,453 BTC, valued at roughly $330 million.
At its peak in October 2024, Bhutan held morei than 13,000 BTC. The country built most of its reserves through bitcoin mining powered by its hydroelectric energy.
Arkham also said Bhutan has not received a bitcoin inflow above $100,000 in over a year. That suggests the country may have slowed down or stopped mining. Officials have not yet confirmed the reason for the latest transfers.
