TLDR
- Bhutan moved 250 BTC worth about $18.46 million to a newly created wallet on Wednesday.
- Government-linked wallets have moved 3,247 BTC in 2026, worth about $240.4 million.
- Arkham-labeled Bhutan wallets now hold 3,524 BTC valued at about $260.9 million.
- Bhutan’s current bitcoin balance is 73% below its October 2024 peak of nearly 13,000 BTC.
- Arkham data shows no bitcoin inflow above $100,000 to Bhutan-labeled wallets for more than a year.
Bhutan moved 250 BTC on Wednesday as its 2026 outflows topped $240 million, according to Arkham data. The transfer went to a newly created wallet and carried an estimated value of $18.46 million. It extended a series of outflows from wallets linked to the Royal Government of Bhutan. Those moves have reduced the country’s public bitcoin reserve over recent months.
The latest transfer left Arkham-labeled wallets with 3,524 BTC. That balance is worth about $260.9 million at current prices. Bhutan once held nearly 13,000 BTC in October 2024. The new figures place its reserve far below that peak.
Latest transfer adds to 2026 outflows
Arkham identified the sending wallets as part of the Royal Government of Bhutan. The 250 BTC moved to a newly created address on Wednesday. The purpose of the transfer was not clear at publication. Even so, the move matched the pattern seen in recent weeks.
Earlier transfers had already raised sale questions among blockchain analysts. A recent 250 BTC move went to a wallet used before. That address had routed funds to Galaxy Digital and OKX. Because of that history, similar transfers have drawn market attention.
Bhutan-labeled wallets have moved about 3,247 BTC during 2026 so far. At current market prices, those outflows equal roughly $240.4 million. The latest transfer added another $18.46 million to that running total. Arkham has not publicly assigned one clear reason to each move.
Bitcoin reserve falls from 2024 peak
After the latest move, Bhutan’s public wallets hold 3,524 BTC. That stash is valued at about $260.9 million. The same wallets also hold 30.15 ETH. Those ether tokens are worth roughly $70,160, based on the supplied data.
The current bitcoin balance marks a 73% drop from Bhutan’s earlier peak. Arkham data showed close to 13,000 BTC in October 2024. Since then, the reserve has moved lower as outflows continued. The latest transfer keeps that trend in place.
Arkham data also points to limited fresh inflows during that period. It shows no bitcoin transfer above $100,000 into those wallets for more than a year. That record suggests the reserve has not grown recently. Instead, public balances have kept moving lower over time.
Mining built the reserve as bitcoin stays below record
Bhutan built much of its bitcoin reserve through mining operations. Those operations used the country’s hydroelectric resources. That gave Bhutan a local energy base for mining activity. It also helped the country build holdings without large market purchases.
Bitcoin traded at $74,049 on April 13, according to The Block’s price page. The coin rose 3% over the past week. It also gained 23% since a low near $60,000 on Feb. 6. Still, the token remains well below its prior record.
The supplied market data puts bitcoin about 41% below its all-time high. That peak stood near $126,000 on Oct. 6, 2025. Against that backdrop, Bhutan’s outflows remain under close market watch. State-linked wallet moves often draw attention around possible sales.
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