Bhutan, a small kingdom in the Himalayan region, has once again made headlines with its cryptocurrency transactions. According to data from the onchain analytics platform Arkham, the Bhutanese government transferred approximately 374.9 Bitcoin, generating a transaction value of $25.2 million.
Today’s transfer was reportedly sent to an unlabeled address starting with “bc1q0”. Analysts say this address has previously transferred BTC acquired from Bhutan to institutional investors like Galaxy Digital. This has led to speculation that the government might be selling BTC. However, the exact purpose of the transfer has not yet been officially announced.
On the other hand, it has been reported that the total outflows from Bhutanese wallets in the last week have exceeded 1,000 BTC. Previously, transfers of 519.7 BTC were made on March 25th and 123.7 BTC on March 27th. It was noted that addresses linked to QCP Capital were also involved in these transactions.
According to Arkham data, Bhutan currently holds approximately 3,954 BTC, worth around $263.9 million. However, the country’s reserves have significantly decreased from their peak of approximately 13,000 BTC in October 2024.
Bhutan, unlike many other countries, is known for building its Bitcoin reserves through hydroelectric mining rather than confiscation. However, speculation has recently increased that new production has slowed.
*This is not investment advice.
