Bhutan is down to 1,750 $BTC. All mined. All being dumped.
June 17, 2026: Bhutan gov wallet moved 533 $BTC (~$34.5M) to Binance in one night. Balance now sits at 1,749.96 $BTC — down 86% from October 2024 peak.
Here's the full picture:
🔋 Hydro Power → Free $BTC Mining
Bhutan didn't buy. They mined everything using excess hydroelectric power since 2019. Druk Holding & Investments (state fund) stacked ~13,000 $BTC by October 2024. That was worth over 40% of their GDP.
💸 Systematic Selling Since 2025
Mid-to-late 2025: Heavy offloading began. Some dumps exceeded $50M per transaction. Late 2025, gov pledged to use part of the stack to back Gelephu Mindfulness City — their flagship economic zone project.
📉 2026: Non-Stop Outflows
Arkham tracked $230M+ in outflows since early 2026. Avg ~$50M/month. Mostly routed through Binance and QCP Capital in mid-sized batches. No single mega-dump, but steady bleed.
🚨 June 17 Latest Drop
533 $BTC moved in multiple txs. Largest: 227 $BTC (~$14.7M). All to same Binance wallet. Arkham posted: "Is the Dragon King selling his remaining Bitcoin?" No official response.
📊 1,750 $BTC Left = 86% Down From Peak
Current holdings: 1,749.96 $BTC (~$113.7M). 11,250 $BTC gone since ATH. No inflows over $100K in over a year. Mining likely stopped. At this rate, treasury empty before year-end.
🧠 The Twist
Every $BTC sold = pure profit. Zero cost basis. Mined with cheap hydro. PM said funds go toward gov salaries and healthcare.
Crypto community split: Some say it's smart treasury management like selling gold reserves. Others say they're dumping before $BTC hits real peak.
Bhutan gov hasn't said if they'll stop. Arkham still tracking every move.
Smart exit or early capitulation?
June 17, 2026: Bhutan gov wallet moved 533 $BTC (~$34.5M) to Binance in one night. Balance now sits at 1,749.96 $BTC — down 86% from October 2024 peak.
Here's the full picture:
🔋 Hydro Power → Free $BTC Mining
Bhutan didn't buy. They mined everything using excess hydroelectric power since 2019. Druk Holding & Investments (state fund) stacked ~13,000 $BTC by October 2024. That was worth over 40% of their GDP.
💸 Systematic Selling Since 2025
Mid-to-late 2025: Heavy offloading began. Some dumps exceeded $50M per transaction. Late 2025, gov pledged to use part of the stack to back Gelephu Mindfulness City — their flagship economic zone project.
📉 2026: Non-Stop Outflows
Arkham tracked $230M+ in outflows since early 2026. Avg ~$50M/month. Mostly routed through Binance and QCP Capital in mid-sized batches. No single mega-dump, but steady bleed.
🚨 June 17 Latest Drop
533 $BTC moved in multiple txs. Largest: 227 $BTC (~$14.7M). All to same Binance wallet. Arkham posted: "Is the Dragon King selling his remaining Bitcoin?" No official response.
📊 1,750 $BTC Left = 86% Down From Peak
Current holdings: 1,749.96 $BTC (~$113.7M). 11,250 $BTC gone since ATH. No inflows over $100K in over a year. Mining likely stopped. At this rate, treasury empty before year-end.
🧠 The Twist
Every $BTC sold = pure profit. Zero cost basis. Mined with cheap hydro. PM said funds go toward gov salaries and healthcare.
Crypto community split: Some say it's smart treasury management like selling gold reserves. Others say they're dumping before $BTC hits real peak.
Bhutan gov hasn't said if they'll stop. Arkham still tracking every move.
Smart exit or early capitulation?