Bhutan offloads another $37M in Bitcoin as sovereign wallet shrinks

Bhutan moved 519 Bitcoin from its state-linked wallet, extending a March drawdown that has cut its sovereign stash far below 2024 levels.

Bhutan moved more Bitcoin from its state-linked wallet on Wednesday, extending a March drawdown in its sovereign holdings.

Arkham data showed a Bhutan government-linked wallet transferred about 519.7 BTC, worth roughly $36.7 million, to two wallets on Wednesday. Onchain Lens said one of the destination wallets was linked to trading firm QCP Capital.

The move marked the Bhutan-tagged wallet’s third large Bitcoin transfer in March, following the $72 million moved in six separate transactions in the 24 hours leading up to March 18, and the $11.8 million moved on March 9.

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