The Royal Government of Bhutan moved about $72 million worth of bitcoin to multiple addresses across Tuesday and Wednesday, according to Arkham and the provided coverage of the transfers. The activity marks another notable treasury movement from one of the market’s more closely watched sovereign-linked BTC holders.
HAS BHUTAN STOPPED MINING BITCOIN?
Bhutan just moved another $44.44M BTC out of its accounts. Bhutan has moved $72.3M BTC out of its addresses in the past 24 hours.
Bhutan's last >$100K BTC inflow was over 1 year ago. Has Bhutan stopped mining Bitcoin? https://t.co/IhcGDMRH0t pic.twitter.com/qvQuKXXoaU
— Arkham (@arkham) March 18, 2026
Arkham’s post indicated the latest leg included another roughly $27.8 million in bitcoin moved out of Bhutan-linked holding addresses, following an approximately $11 million transfer last week that was sent to the same address used again in the new round of activity. In practical terms, that suggests the transfers were not isolated wallet maintenance, but part of a broader repositioning pattern now unfolding over several transactions.
What comes next is whether Bhutan-linked wallets continue routing BTC to the same destinations or pause after this two-day wave. For market participants, the immediate watchpoint is not just the $72 million headline, but whether the receiving addresses show further movement that clarifies if the transfers relate to custody, liquidity management, or eventual distribution.
Source: Arkham (X).
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