Bhutan made another significant transfer of its bitcoin reserves. This raises further questions about the nation’s crypto plans. The Royal Government of Bhutan transferred around 374.9 BTC (equivalent to around $25.2 million) to an unknown wallet on Tuesday morning.
Data from a blockchain analytics firm, Arkham, reveals that the transfer was made to a wallet starting with “bc1q0” around 7:28 a.m. UTC. The analytics firm has been tracking Bitcoin transactions in Bhutan since 2024.
Source: Onchain Lens’s X Post
According to Onchain Lens, a firm that analyzes transactions, this receiving address has sent money to a major digital asset investment firm called Galaxy Digital in the past. This indicates a possibility that Bhutan may be selling some of its assets, although officials have not confirmed their reason for this latest transaction.
This is part of a larger trend. Data from Lookonchain shows that more than 1,000 BTC have been sent out by Bhutan-linked wallets in the past week alone. This includes 519.7 BTC sent out on March 25 and another 123.7 BTC on March 27, some of which is related to QCP Capital.
Source: Lookonchain’s X Post
In spite of this outflow, the country still holds a substantial amount of bitcoin reserves. According to estimates from Arkham, the country holds 3,954BTC, worth about $263.9 million. This is significantly less than the 13,000 units the country held as of October 2024, with over 2,000 units sold off so far this year.
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Bhutan BTC Mining Slowdown Sparks Concerns
The bitcoin assets in Bhutan are under the control of its investment arm, Druk Holding & Investments. Bhutan is a leading government bitcoin holder in the world, although it trails other major holders such as the United States, China, and the United Kingdom.
Unlike other countries that have been accumulating bitcoin after confiscating assets, Bhutan is doing things differently by mining the cryptocurrency. The country is taking advantage of its hydroelectric power to establish environmentally friendly mining activities.
However, there are some signs that this approach may be changing. Data from Arkham indicates that Bhutan has not seen any major bitcoin inflows of over $100,000 in over a year. This has prompted some speculation that the mining activity may have slowed down or even come to a standstill.
However, at present, it is not known what is prompting Bhutan’s recent transactions. Whether Bhutan is making alterations to its investment strategy, seeking profits, or making provisions for future financial plans, Bhutan’s current transactions in bitcoin are being viewed with great interest in the crypto world.
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