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Recent Bitcoin transfers by Bhutanese government entities have drawn the attention of market participants. According to data shared by the onchain data platform Arkham Intelligence, the country transferred a total of 973 $BTC to different addresses on Tuesday and Wednesday. The total value of these transfers is estimated at approximately $72.3 million.
According to Arkham’s report, approximately $44.4 million worth of Bitcoin was sent to two unknown wallet addresses in the last 24 hours alone. These transactions were reportedly carried out from addresses linked to Druk Holding & Investments, Bhutan’s sovereign wealth fund.
Among the transfers that took place, one of the most notable transactions was the sending of 20.5 $BTC, worth approximately $1.52 million, to the over-the-counter (OTC) trading platform QCP Capital. Such transactions are generally preferred for large-scale asset sales that can be carried out without affecting market prices.
According to Arkham data, Bhutan has processed Bitcoin transfers totaling over $110 million since the beginning of the year. The country’s current reserves are estimated at approximately 4,453 $BTC, valued at around $330 million. Bhutan’s Bitcoin holdings peaked at over 13,000 $BTC in October 2024.
Bhutan had largely built its Bitcoin reserves through mining operations powered by hydroelectric energy. However, Arkham noted that the lack of new inflows exceeding $100,000 in the past year suggests the country may have ceased its mining activities.
Analysts say that such large, government-linked transfers could create potential selling pressure on the market, but the fact that most transactions are conducted through OTC channels may limit the direct price impact.
*This is not investment advice.