Overview
- Bhutan’s treasury, which sent 319.7 BTC on Thursday to two addresses, routed about 250 BTC to a wallet previously used for sales via Galaxy Digital and OKX and sent 69.7 BTC to a new address.
- Following that move, the government shifted another 250 BTC to a newly created wallet this week as 2026 outflows topped $215.7 million, with $162.6 million going to unlabeled addresses.
- Visible holdings now stand near 3,954 BTC, down from roughly 13,000 BTC in October 2024, marking about a 70% reduction in the on-chain stash.
- Arkham data shows no inflow larger than $100,000 into Bhutan-linked wallets for over a year, a sign mining likely slowed or stopped as network difficulty hit records, block rewards fell to 3.125 BTC, and power sales to India may yield steadier cash.
- The drawdown contrasts with large buyers such as Strategy and U.S. spot ETFs accumulating coin, while Druk Holding and Investments has not commented on the sales or the mining program.