Overview
- Bhutan-linked wallets moved 100.44 BTC worth about $8.2 million to an unlabeled bc1q address in three transactions at 5:27 a.m. UTC on Tuesday, according to Arkham Intelligence.
- Arkham estimates more than $230 million in bitcoin has left Bhutan-linked wallets since January 2026, leaving roughly 3,119 BTC valued near $252 million.
- The latest coins went to a SegWit-style address that can cut fees and update custody, which Arkham says may not signal an immediate sale even though past flows often preceded selling.
- Trackers in March flagged about 700 BTC leaving wallets tied to Druk Holding & Investments, including 325 BTC to a wallet previously linked to Galaxy Digital and other tranches suspected to route to over-the-counter desks.
- Arkham notes some earlier transfers reached exchanges such as Binance, while some analysts frame the steady drawdown as active treasury management rather than a bearish shift.