How Much Bitcoin Has Bhutan Sold This Year? Arkham Updates 2026 Figure After Latest Move

bitcoinistPublished on 2026-03-29Last updated on 2026-03-29

Abstract

According to on-chain data from Arkham Intelligence, the Bhutanese government has continued to sell portions of its Bitcoin holdings in 2026. In its latest move, Bhutan transferred $8.5 million worth of BTC, continuing a trend of periodic sales in batches of $5 to $10 million that began in September 2025. So far this year, the country has seen a net outflow of $120 million in Bitcoin to open-market participants, including exchanges and trading firms. This has reduced its holdings by approximately 1,700 BTC. The consistent outflows, without significant incoming transactions, have raised questions about whether Bhutan is scaling back its government-backed mining operations. Meanwhile, Bitcoin's price hovers around $66,770.

According to recent on-chain data, Bhutan has continued to move Bitcoin from its major government-linked holding wallets in the past day. This latest transfer confirms the trend of sending out their BTC assets to the open market so far this year.

Bhutan Moves $120 Million Of Bitcoin In 2026

On Saturday, March 27th, Arkham Intelligence revealed that the Bhutanese government sent $8.5 million worth of Bitcoin out of its main holding addresses. “This transfer went almost entirely to a fresh address with a separate address type from Bhutan’s holding addresses,” the on-chain analytics firm wrote on X.

Bhutan, a nation famous for its government-backed mining operations, has been trimming its Bitcoin stash, which was built over the past few years. As Arkham revealed in its report, the South-Asian country has embarked on episodic selling of its Bitcoin (in batches of $5 to $10 million) since September 2025.

The crypto intelligence platform highlighted that Bhutan has transferred around $159 million out of its holding addresses since the turn of the year, with more than $39 million flowing back in the opposite direction. This movement amounts to a net outflow of $120 million worth of Bitcoin to open-market participants or platforms, including exchanges and trading firms like QCP Capital.

Source: @arkham on X

Arkham wrote on the X platform:

Bhutan sells portions of its Bitcoin in clips of ~$5-10M, and sold ~3500 BTC mid-late September 2025. Bhutan’s outbound transfer volume has also started to increase in recent weeks, with the state appearing to reduce its holdings by about 1700 BTC since the start of the year.

With the price of BTC struggling so far this year, it is no surprise that the country might be looking to reduce its exposure to the world’s largest cryptocurrency by market capitalization. At the same time, the continuous outflow of Bitcoin from the government’s holding addresses has sparked the question of whether Bhutan is exiting the Bitcoin mining scene.

This question has received much credence due to the fact that the identified Bhutan holding addresses have not seen an above-$100,000 inflow in more than a year, despite the constant withdrawals. While the on-chain trend suggests a halt in the kingdom’s mining operations, there is no way to confirm, especially considering the possibility of moving their mining proceeds to fresh, unmarked wallet addresses.

Bitcoin Price At A Glance

As of this writing, the price of BTC stands at around $66,770, reflecting an over 1% jump in the past 24 hours.

The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView

Related Questions

QHow much Bitcoin has Bhutan sold in net terms since the start of 2026, according to Arkham?

ABhutan has sold a net of $120 million worth of Bitcoin since the start of 2026.

QWhat pattern of selling has the Bhutanese government followed with its Bitcoin holdings?

AThe Bhutanese government has been selling its Bitcoin in batches of approximately $5 to $10 million since September 2025.

QTo which type of entities has Bhutan been sending its Bitcoin outflows?

ABhutan has been sending its Bitcoin outflows to open-market participants or platforms, including exchanges and trading firms like QCP Capital.

QWhat on-chain evidence suggests that Bhutan might have halted its Bitcoin mining operations?

AThe identified Bhutan holding addresses have not seen an inflow of over $100,000 in more than a year, suggesting a potential halt in mining operations.

QWhat was the price of Bitcoin at the time of writing the article?

AThe price of Bitcoin was around $66,770 at the time of writing, reflecting an over 1% increase in the past 24 hours.

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