Bhutan Moves 90 BTC to SegWit Address as 2026 Outflows Top $237M
Analysts say the transfer could signal preparations for a sale or a custody shift driven by weaker mining returns after the 2024 halving.
Overview
- The latest transfer moved 90 BTC to a bc1q SegWit address, a transaction reported Monday that pushed tracked 2026 Bhutan-linked Bitcoin outflows above $237 million.
- On-chain analytics from Arkham show Bhutan’s reported holdings have fallen from about 13,390 BTC in October 2024 to roughly 3,000–3,100 BTC today, a drop of around 10,000 BTC.
- Blockchain records earlier this year show multiple large batches left state-linked wallets, including about 319.7 BTC on April 11 with roughly 250 BTC later traced toward wallets linked to Galaxy Digital and OKX.
- Druk Holding and Investments has not publicly confirmed any sales or operational changes, and analysts caution that moves to SegWit addresses can indicate custody transfers, routing to OTC desks, or preparations for exchange sales rather than definitive sales.
- Bhutan built its stash by state-run, hydropower-powered mining and the 2024 halving cut block rewards to 3.125 BTC, which analysts say has squeezed miner margins and may explain why the state is reducing on-chain exposure and weighing alternatives such as power exports.