TLDR
- Bhutan transferred 973 BTC worth about $72.32 million to multiple addresses over two days.
- Arkham Intelligence tracked the transactions and linked them to Druk Holding and Investments.
- Bhutan moved about $44.44 million in bitcoin to two unknown addresses on Wednesday.
- The transfers brought Bhutan’s total bitcoin outflows this year to more than $110 million.
- Arkham data shows Druk Holding currently holds 4,453 BTC valued at around $330 million.
Bhutan transferred 973 BTC worth about $72.32 million to multiple addresses this week. Arkham Intelligence tracked the movements across Tuesday and Wednesday through on-chain data. The transfers came from wallets linked to Druk Holding & Investments, the country’s sovereign wealth fund.
Bhutan Executes $72 Million Bitcoin Transfers
Arkham Intelligence reported that Bhutan moved roughly $44.44 million in bitcoin on Wednesday. The firm said Bhutan sent the funds to two unknown addresses. Those transfers followed earlier movements that raised the 24-hour total to about $72.3 million.
Arkham stated that the transactions originated from wallets tied to Druk Holding & Investments. The sovereign wealth fund manages Bhutan’s bitcoin reserves. The firm posted the data publicly and detailed the amounts moved during the two days.
Arkham added that 20.5 BTC, worth about $1.52 million, moved to QCP Capital. QCP Capital operates as an over-the-counter trading platform. The transfer formed part of the broader series of transactions tracked this week.
Arkham’s post indicated that Bhutan shifted another $27.8 million in bitcoin during the latest leg. The firm linked the transfer to the same destination address used earlier. Last week, Bhutan sent about $11 million in bitcoin to that same address.
Arkham wrote that the pattern suggested more than simple wallet maintenance. The firm described the activity as part of a broader repositioning sequence. The data showed repeated routing to identical receiving wallets over several transactions.
So far this year, Bhutan has moved more than $110 million in bitcoin. Arkham compiled that figure from earlier transfers it recorded. The firm continues to monitor the receiving addresses for further movement.
Bitcoin Holdings at Druk Decline from Peak Levels
According to Arkham data, Druk Holding currently holds 4,453 BTC. The holdings carry an estimated value of about $330 million at current prices. In October 2024, Bhutan held more than 13,000 BTC at its peak.
Bhutan built most of its bitcoin reserves through mining operations. The country used its hydroelectric power resources to support those activities. However, Arkham reported that the last bitcoin inflow above $100,000 occurred over a year ago.
