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Bhutan's Bitcoin reserves have experienced a sharp decline over the past eighteen months, with new blockchain data showing a decrease from around 13,000 Bitcoins in October 2024 to just 3,954 Bitcoins last April. This decline, amounting to approximately 70%, reflects significant selling and transfer activities, estimated to be worth about $280.6 million based on current market prices.
A significant decrease in Bitcoin reserves has been observed.
An analysis conducted by Arkam Blockchain Data Analytics platform reveals that Bhutan began reducing its Bitcoin holdings in late 2024. By April 2026, more than $215.7 million worth of Bitcoin had been transferred from the country's wallets.
These large outflows were executed through a series of separate transactions rather than a single bulk sale. The pattern of movement indicates a gradual and managed selling strategy rather than a sudden liquidation.