Bhutan Sells Over $36 Million in Bitcoin in Latest Drawdown

Bhutan's state-linked sovereign wallet transferred approximately 519.7 Bitcoin to two separate wallets on Wednesday, according to on-chain data from Arkham.

The transfer was worth around $36.7 million and marked the third large Bitcoin transaction out of the Bhutan-tagged wallet in March alone.

This comes after a sharp escalation of outflows in March, with the country moving $72 million across six transactions in the 24 hours leading up to March 18, and an additional $11.8 million on March 9.

The Bhutan-tagged wallet currently holds 4,453 Bitcoin, worth around $315 million, down from a peak of over 13,000 Bitcoin in October 2024.