The Royal Government of Bhutan transferred 490.87 Bitcoin worth about $32.74 million to newly created or previously unidentified wallets over the past 24 hours, according to blockchain analytics platform Onchain Lens. The largest single movement was 485 BTC, valued at roughly $32.31 million, accounting for almost the entire total.

The recipient addresses were not identified as exchanges or trading firms, and the available on-chain data does not show whether the transfers were sales. The latest activity adds to a steady run of large Bitcoin movements from Bhutan-linked wallets during 2026.

Latest transfer leaves destination unclear

Onchain Lens said the Bitcoin moved out of wallets it attributes to the Royal Government of Bhutan. Alongside the 485 BTC transaction, smaller transfers made up the remainder of the 490.87 BTC total reported over the day.

That destination matters because a transfer to a fresh or unlabeled wallet does not by itself prove that the coins were sold. Bhutan-linked wallets have previously sent Bitcoin to unknown addresses as well as to wallets later associated with trading firms and exchanges, so the first hop alone is not enough to determine the final outcome.

Part of a broader 2026 pattern

The transaction follows another large transfer reported on Aug. 18, when blockchain tracker Lookonchain said Bhutan moved 300 BTC worth about $19.28 million to a new wallet. Lookonchain described that move as another sale, although the initial on-chain transfer also went to a fresh address.

Large state-linked outflows had already topped $230 million by May, based on Arkham Intelligence data previously cited by crypto.news. One May movement involved 100.44 BTC worth about $8.2 million sent to an unlabeled wallet, and Arkham said at the time that Bhutan-linked addresses were averaging close to $50 million in monthly Bitcoin movements during 2026.

Activity intensified in March. On March 25, a Bhutan-linked wallet transferred 519.7 BTC worth about $36.7 million to two addresses, one of which Onchain Lens linked to trading firm QCP Capital. That followed other sovereign-wallet movements in March, including an approximately $72 million transfer and another worth about $11.8 million.

Holdings have dropped from their 2024 high

Repeated transfers have reduced the amount of Bitcoin visible in wallets tagged by analytics firms as belonging to Bhutan or to Druk Holding & Investments, the sovereign investment arm tied to the country’s mining and digital asset activity. Arkham data showed identified holdings above 13,000 BTC at their peak in October 2024.

By March 25, those identified holdings had fallen to 4,453 BTC, worth about $315 million at the time. Arkham also estimated that more than $110 million in Bitcoin had left Bhutan-linked wallets since the start of 2026 by March 20, with transfers reaching counterparties including QCP Capital and Binance as well as unidentified addresses.

Even so, those balances depend on which addresses analytics firms classify as government-controlled. A transfer to a wallet that has not yet been tagged can make visible holdings appear lower even if ownership has not changed, which is why the latest movement confirms only that the coins left Bhutan-attributed addresses, not that they were sold.

Mining origins and the next visible steps

Bhutan built most of its Bitcoin position through state-backed mining powered by hydroelectric energy rather than through market purchases or asset seizures. Druk Holding & Investments has been the main state entity overseeing that effort, and Arkham said in 2024 that the country’s holdings traced back to government-linked mining operations. Plans announced that year with Bitdeer Technologies called for an additional 500 megawatts of mining capacity, bringing planned total capacity to 600 MW.

The country has since tied Bitcoin to broader development plans. In December 2025, Bhutan announced a Bitcoin Development Pledge linked to Gelephu Mindfulness City, saying up to 10,000 BTC would support the special administrative region’s long-term development. In 2026, Gelephu appointed 3iQ to manage an undisclosed portion of its Bitcoin treasury, introduced a fast-track licensing route for certain crypto firms, and later signed a cooperation agreement with Bitget as the exchange prepared to pursue a local Financial Services Licence.

For now, the confirmed next step is simply what appears on-chain: 490.87 BTC has been moved into fresh wallets. Whether those coins remain under Bhutan-linked control or later reach a trading firm or exchange will depend on subsequent wallet activity that has not yet been established by the available data.

Source: crypto.news