INSTITUTIONAL | Bhutan Offloads ~70% of Bitcoin Holdings in 18 Months

Bhutan has offloaded roughly 70% of its bitcoin holdings over the past 18 months, according to blockchain data, with its reserves falling from about 13,000 BTC in late 2024 to under 4,000 BTC currently.

Recent transfers, including about 319 BTC worth roughly $23 million, are part of a broader pattern of steady outflows from wallets linked to the government and its investment arm, Druk Holding & Investments.

While the purpose of the transactions has not been officially confirmed, analysts suggest many of the movements may be sales or treasury management activity.

Separately, on-chain data indicates Bhutan may have scaled back or halted its state-backed bitcoin mining operations, as no significant inflows have been recorded for over a year, though authorities have not commented publicly.

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