Bhutan transferred approximately $44.44 million in Bitcoin across multiple wallet addresses, with total Bitcoin movements reaching $72.3 million over the past 24 hours, according to blockchain intelligence firm Arkham. The Southeast Asian nation's last significant Bitcoin inflow occurred more than a year ago, suggesting it may have ceased Bitcoin mining operations.
On-chain data from Onchain Lens indicates that 519.7 BTC—valued at approximately $36.75 million—were moved to two separate wallets as part of the broader transaction activity. Despite these outflows, Bhutan's government retains a substantial Bitcoin position of 4,453 BTC, equivalent to roughly $315.89 million at current valuations, according to Arkham data.
The timing of these movements, combined with the absence of new Bitcoin inflows for over twelve months, suggests Bhutan may be consolidating its holdings or winding down its cryptocurrency mining infrastructure. As one of the few sovereign nations to actively mine Bitcoin, any operational shift carries implications for global Bitcoin supply dynamics and institutional adoption among governments.