According to Onchain Lens, over the past 24 hours, the authorities of the Kingdom of Bhutan transferred 490.87 bitcoin worth approximately $32.74 million to new wallets.
The largest transaction was 485 $BTC worth nearly $32.31 million. The remaining transfers were smaller.
The Bhutanese government had previously moved bitcoins to unknown addresses as well as to wallets associated with trading companies, so the fate of the assets was clear. This time, Onchain Lens analysts have not determined who the new wallets belong to and have not confirmed that the transfers are related to selling the coins.
On August 18, the Kingdom already moved 300 bitcoins worth $19.28 million to another address for sale, further reducing its reserves of the leading cryptocurrency. According to Arkham, in October 2024, Bhutan's accounts held over 13,000 bitcoins. However, by March 2026, only 4,453 coins remained. And their number continues to dwindle.
The country's state $BTC reserve was created primarily through mining the asset. Bitcoin mining proved profitable thanks to cheap electricity generated by hydropower plants.
Bhutan's latest transfers occur against the backdrop of a bitcoin recovery, with the coin trading at $77,600 at the time of writing. According to CoinGecko, the coin's price increased by 7.8% over 24 hours and by 24% over the week.
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