Bhutan's government moved 250 bitcoin to a new wallet. On April 15 (local time), blockchain outlet The Block Crypto said the transfer was worth $18.46 million, about 27.0 billion won.

On-chain analytics platform Arkham reconfirmed bitcoin outflows from Bhutan. Wallets that Arkham classifies as owned by the Royal Government of Bhutan have moved about 3,247 bitcoin externally so far in 2026. The total outflow is worth $240.4 million at current prices, about 355.0 billion won.

The purpose of the latest transfer is not confirmed. Analysts have raised the possibility that some earlier movements were linked to "potential selling". That includes a 250-bitcoin transfer to a wallet previously used to move funds to Galaxy Digital and OKX.

Bhutan government-linked wallets hold 3,524 bitcoin after an April 13 transfer. The holdings are valued at $260.9 million, about 385.0 billion won. That is down 73 percent from a peak near 13,000 bitcoin in October 2024. The same wallets also hold 30.15 ether, valued at $70,160, about 1.03 billion won, according to estimates.

Bhutan has built up its bitcoin holdings through mining using hydropower resources. Arkham data show the last time bitcoin inflows of more than $100,000 were confirmed into government-linked wallets was more than a year ago. Recent flows show a clear pattern of outflows continuing to exceed new inflows.

The purpose of Bhutan's recent bitcoin movements is still not confirmed, but the market is watching closely as external outflows accumulate this year. With holdings in publicly classified government-linked wallets down sharply from the October 2024 high, the nature of any further transfers is expected to be central to how the market interprets them.

A key issue is whether additional moved funds reconnect to exchanges or to wallets used for past transfers. For now, both the possibility of wallet reallocation and liquidation remain open. On-chain flows from Bhutan government-linked wallets are expected to be an important clue in interpreting bitcoin supply and demand.