Bhutan’s Bitcoin holdings fall to 1,749.96 BTC after fresh Binance-bound transfers, down 87% from the country’s 2024 peak.
Bhutan's Bitcoin (BTC) reserve has fallen to 1,749.96 BTC, worth $113.7 million, marking an 87% decline from the roughly 13,000 BTC the country held at its October 2024 peak. The drop follows a fresh transfer flagged by on-chain analytics platform Arkham on Wednesday.
The reserve also includes a small Ethereum (ETH) holding of 1.034 ETH, worth $1,820. Arkham has tracked more than $230 million in outflows from Bhutan-linked wallets since the start of 2026, a pace that has prompted the platform to publicly question whether the government is liquidating its position.
Latest Batch Totals 533 BTC
The transfer behind the latest decline involved 533 BTC, worth $34.5 million, that was sent from a wallet tagged as belonging to Druk Holding and Investments, Bhutan's state investment wing, to a Binance deposit address. The funds moved in multiple batches rather than as a single transaction.
The largest batch carried 227.194 BTC, worth roughly $14.7 million. A second batch sent 48.228 BTC, valued at about $3.1 million, and several smaller transfers of under 2 BTC each filled out the remainder.
This is not an isolated transaction. In May 2026, Arkham identified a separate 100.44 BTC transfer, worth $8.2 million, sent to an unlabeled address, continuing a pattern of periodic exchange-bound transfers over recent months.
Related Article: Bhutan Transfers $23M in BTC, Holdings Down 70% From Peak
Mining Built the Reserve, Not Seizures
Bhutan's BTC holdings originated from domestic mining operations powered by hydroelectric energy, a contrast with most nation-state holders, which built reserves through law-enforcement seizures of criminal assets. The government has not issued a public statement addressing the recent transfers or its broader Bitcoin strategy.
Despite the decline, Bhutan remains the seventh-largest known nation-state Bitcoin holder. It trails the United States, China at 190,000 BTC, the United Kingdom at 61,245 BTC, Ukraine at 46,351 BTC, El Salvador at 7,649 BTC, and the United Arab Emirates (UAE) at 6,420 BTC, according to Bitcoin Treasuries data.
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