Recent transfers
175 BTC transfer: On Monday, the Royal Government of Bhutan moved 175 BTC worth ∼$11.85M
319.7 BTC transfer: Thursday saw ∼319.7 BTC moved, worth ∼$22.68M
184 BTC transfer: In early Feb, Bhutan moved 184+ BTC worth ∼$14M to trading firms + exchanges
374.9 BTC transfer: Another $25.2M move to an unlabeled address, part of 1,000+ BTC moved in one week 03f08bf3d274791d
2026 totals so far
$42.5M+ outflows in 2026 as of the latest reports
$215.7M moved out of Bhutan-linked wallets this year
Pattern: Bhutan typically sells in $5M-$10M
Holdings update
Current: ∼3,954 BTC worth ∼$280.6M
Peak: ∼13,000 BTC in October 2024
Down 70% from that peak over 18 months