Bhutan cuts Bitcoin holdings from 13,000 BTC to 3,954 BTC in 18 months, with $215.7M transferred out and mining inflows declining
Bhutan has reduced its Bitcoin holdings over the past 18 months, based on new blockchain data.
Arkham data shows a steady decline in the country’s reserves since late 2024. The figures also point to changes in mining activity linked to its hydropower resources.
Bitcoin Holdings Drop Sharply Over 18 Months
Arkham data shows Bhutan held about 13,000 BTC in October 2024. Since then, the country’s holdings have fallen to 3,954 BTC.
This marks a drop of nearly 70% over the period. The remaining Bitcoin is valued at about $280.6 million at current prices.
The data also shows large outflows during 2026. Around $215.7 million worth of Bitcoin has been transferred out this year.
These movements suggest ongoing selling activity across multiple transactions. However, the exact reasons for these transfers remain unclear.
Bhutan has sold 70% of its Bitcoin holdings over the past 18 months.
Bhutan has sold 70% of its Bitcoin holdings over the past 18 months. Arkham data reveals that the country’s stash has dropped from roughly 13,000 BTC in October 2024 to the current 3,954 BTC (worth… pic.twitter.com/UI3PAXFs9L
— Wu Blockchain (@WuBlockchain) April 11, 2026
Blockchain tracking platforms continue to monitor these wallet movements. The recorded transactions show consistent reductions rather than one-time sales.
This pattern suggests a gradual approach to reducing holdings. As a result, Bhutan’s Bitcoin reserves have steadily declined.
Transfer Activity Points to Strategic Changes
The outflows recorded in 2026 form a major part of the overall decline. These transfers have been tracked through publicly visible blockchain records.
Each transaction contributes to the reduced balance seen today. The pattern shows activity spread across several months.
At the same time, there has been no official statement explaining the strategy behind these moves.
The absence of direct communication leaves room for different interpretations.
However, the data itself confirms the scale of the reduction. It also shows that the selling activity is recent and ongoing.
Observers note that such large transfers can affect market perception. Even so, no direct link to market price changes has been confirmed.
The transactions remain part of broader on-chain activity. Therefore, the focus remains on the recorded figures.
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Mining Activity Shows Signs of Slowdown
In addition to wallet movements, mining data shows reduced activity. It has been over a year since Bhutan recorded a mining inflow above $100,000.
This suggests a slowdown or possible halt in mining operations. The country had previously used hydropower for Bitcoin mining.
Bhutan has sold 70% of its Bitcoin holdings over the past 18 months.
Bhutan has sold 70% of its Bitcoin holdings over the past 18 months. Arkham data reveals that the country’s stash has dropped from roughly 13,000 BTC in October 2024 to the current 3,954 BTC (worth… pic.twitter.com/UI3PAXFs9L
— Wu Blockchain (@WuBlockchain) April 11, 2026
Hydropower-based mining was seen as a key part of Bhutan’s crypto strategy. The lack of recent inflows indicates a change in that approach.
Mining rewards usually appear as steady inflows over time. However, such activity has not been visible in recent data.
The absence of large mining inflows supports the idea of reduced operations. Still, there is no official confirmation of a complete.
The available data only reflects on-chain activity and inflows. As a result, the current mining status remains based on observed trends.