Overview
- Bhutan-linked wallets moved about 700 BTC on March 31, splitting 325 BTC to a wallet tied to Galaxy Digital and 375 BTC to an unidentified address worth roughly $50 million.
- Outbound activity for the week surpassed 1,000 BTC, according to Arkham data that tracked several large moves in the final days of March.
- Publicly visible holdings now sit near 3,954 BTC, down from about 13,000 BTC in October 2024, marking a sharp drawdown over the past year.
- Routing to counterparties such as Galaxy Digital and an address linked earlier to QCP Capital points to over-the-counter or custody flows, and officials have not explained the motive.
- Bhutan built its stash by mining with hydropower since 2019, but Arkham has seen no sizable inflows to known wallets in more than a year, raising questions about whether mining has slowed.