{"id":95345,"date":"2026-03-18T15:20:47","date_gmt":"2026-03-18T12:20:47","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=95345"},"modified":"2026-03-18T15:25:40","modified_gmt":"2026-03-18T12:25:40","slug":"bhutans-sovereign-fund-withdraws-over-70-million-from-bitcoin-reserves","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bhutans-sovereign-fund-withdraws-over-70-million-from-bitcoin-reserves\/","title":{"rendered":"Bhutan&#8217;s Sovereign Fund Withdraws Over $70 Million from Bitcoin Reserves"},"content":{"rendered":"<p>The Royal Government of Bhutan has transferred 973 BTC, valued at approximately $72.32 million, to several addresses, according to Arkham Intelligence data.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">HAS BHUTAN STOPPED MINING BITCOIN?<\/p>\n<p>Bhutan just moved another $44.44M BTC out of its accounts. Bhutan has moved $72.3M BTC out of its addresses in the past 24 hours.<\/p>\n<p>Bhutan&#8217;s last >$100K BTC inflow was over 1 year ago. Has Bhutan stopped mining Bitcoin? <a href=\"https:\/\/t.co\/IhcGDMRH0t\">https:\/\/t.co\/IhcGDMRH0t<\/a> <a href=\"https:\/\/t.co\/qvQuKXXoaU\">pic.twitter.com\/qvQuKXXoaU<\/a><\/p>\n<p>\u2014 Arkham (@arkham) <a href=\"https:\/\/twitter.com\/arkham\/status\/2034171929947738314?ref_src=twsrc%5Etfw\">March 18, 2026<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>On March 17 and 18, Bhutan&#8217;s authorities transferred $27.8 million and $44.44 million in Bitcoin to unknown addresses, respectively. The transactions were made from the wallets of Druk Holding and Investments, the sovereign fund managing the state&#8217;s cryptocurrency reserves.<\/p>\n<p>Crypto assets worth approximately $1.52 million were sent to QCP Capital, a platform specializing in institutional trading.<\/p>\n<p>Earlier this month, the kingdom <a href=\"https:\/\/forklog.com\/en\/news\/arkham-tracks-asset-moves-by-bitmine-and-bhutan\">withdrew<\/a> about $11.85 million from its main address to a new account created in February. Previously, 184 BTC from the government had been transferred to this account and then moved to another wallet.<\/p>\n<p>According to Arkham, Bhutan regularly sells digital assets in tranches of $5-10 million. Since the beginning of the year, the country has <a href=\"https:\/\/forklog.com\/en\/news\/bhutan-continues-bitcoin-sales-from-reserves\">sold<\/a> coins worth over $110 million.<\/p>\n<h2 class=\"wp-block-heading\">Bhutan&#8217;s Reserves Dwindle<\/h2>\n<p>At the time of writing, Druk Holding manages 4453 BTC, valued at about $326 million. This is three times less than the October peak, when the country held more than 13,000 BTC.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"737\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-a9acd1a4625bc24c-9052665315403025-1024x737.png\" alt=\"image\" class=\"wp-image-276974\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-a9acd1a4625bc24c-9052665315403025-1024x737.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-a9acd1a4625bc24c-9052665315403025-300x216.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-a9acd1a4625bc24c-9052665315403025-768x552.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-a9acd1a4625bc24c-9052665315403025.png 1468w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Source: <a href=\"https:\/\/intel.arkm.com\/explorer\/entity\/druk-holding-investments\">Arkham<\/a>.\u00a0<\/figcaption><\/figure>\n<p>Bhutan accumulated bitcoins primarily through mining using cheap hydroelectric power. The country has been mining the first cryptocurrency since 2019.\u00a0<\/p>\n<p>Following the last <a href=\"https:\/\/forklog.com\/en\/news\/what-is-the-bitcoin-halving\">halving<\/a>, the profitability of operations decreased due to rising costs. Arkham suggested that the kingdom might have ceased mining digital assets. This is indicated by the absence of incoming transfers exceeding $100,000, which have not been observed for more than a year.\u00a0<\/p>\n<h2 class=\"wp-block-heading\">Institutional Appetite Grows<\/h2>\n<p>Bhutan&#8217;s sales coincided with the return of institutional demand for Bitcoin in the United States. Spot exchange-traded funds recorded their seventh consecutive day of inflows, marking the longest positive streak since October 2025.\u00a0<\/p>\n<p>As of March 17, the instruments attracted $199.3 million, with the majority going to BlackRock&#8217;s product, IBIT. Over seven trading days, Bitcoin <a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-cryptocurrency-etf\">ETF<\/a>s received $1.17 billion.\u00a0<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"549\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-04f108aa5399ec24-9052682246419755-1024x549.png\" alt=\"image\" class=\"wp-image-276975\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-04f108aa5399ec24-9052682246419755-1024x549.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-04f108aa5399ec24-9052682246419755-300x161.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-04f108aa5399ec24-9052682246419755-768x412.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-04f108aa5399ec24-9052682246419755-1536x823.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/img-04f108aa5399ec24-9052682246419755.png 1828w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Source: <a href=\"https:\/\/sosovalue.com\/assets\/etf\/us-btc-spot\">SoSoValue<\/a>.\u00a0<\/figcaption><\/figure>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;Institutional confidence has returned. Seven consecutive days of inflows and nearly $1 billion over six of them speak for themselves: these are not reactive purchases but deliberate allocations by entities that do not move quickly or act rashly,&#8221; <\/em><a href=\"https:\/\/www.theblock.co\/post\/394044\/bitcoin-etfs-inflow-seven-day-streak\"><em>noted<\/em><\/a><em> BTC Markets analyst Rachel Lucas.<\/em><\/p>\n<\/blockquote>\n<p>According to her, the demand is structural: buyers adhere to a long-term strategy rather than trading on news. This helps digital gold maintain its price range after a 15% rise amid geopolitical uncertainty.<\/p>\n<p>Spot Ethereum ETFs <a href=\"https:\/\/sosovalue.com\/assets\/etf\/us-eth-spot\">attracted<\/a> $138.2 million. Exchange-traded funds based on Solana and XRP received <a href=\"https:\/\/sosovalue.com\/assets\/etf\/us-sol-spot\">$17.8 million<\/a> and <a href=\"https:\/\/sosovalue.com\/assets\/etf\/us-xrp-spot\">$4.6 million<\/a> respectively.<\/p>\n<p>At the time of writing, Bitcoin is trading around $72,900. Over the past 24 hours, the asset&#8217;s price has fallen by 1.6%.\u00a0<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"634\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-83e8ba3a11844673-9052699405814679-1024x634.png\" alt=\"image\" class=\"wp-image-276976\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-83e8ba3a11844673-9052699405814679-1024x634.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-83e8ba3a11844673-9052699405814679-300x186.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-83e8ba3a11844673-9052699405814679-768x475.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-83e8ba3a11844673-9052699405814679-1536x950.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/img-83e8ba3a11844673-9052699405814679.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Hourly BTC\/USDT chart on Binance. Source: <a href=\"https:\/\/ru.tradingview.com\/chart\/?symbol=BINANCE%3ABTCUSDT\">TradingView<\/a>.\u00a0<\/figcaption><\/figure>\n<p>Earlier in March, investment bank Citigroup <a href=\"https:\/\/forklog.com\/en\/news\/citi-lowers-bitcoin-and-ethereum-price-forecasts\">revised<\/a> its annual price forecast for the first cryptocurrency from $143,000 to $112,000.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Royal Government of Bhutan has transferred 973 BTC, valued at approximately $72.32 million, to several addresses, according to Arkham Intelligence data.<\/p>\n","protected":false},"author":1,"featured_media":95346,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"Bhutan's government moved 973 BTC worth $72.32M, Arkham Intelligence reports.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1676,18,569],"class_list":["post-95345","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bhutan","tag-bitcoin","tag-etf"],"aioseo_notices":[],"amp_enabled":true,"views":"122","promo_type":"1","layout_type":"1","short_excerpt":"Bhutan's government moved 973 BTC worth $72.32M, Arkham Intelligence reports.","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/95345","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=95345"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/95345\/revisions"}],"predecessor-version":[{"id":95347,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/95345\/revisions\/95347"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/95346"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=95345"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=95345"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=95345"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}