Bhutan denies selling as Arkham tracks $1B BTC leaving sovereign-linked wallets

Arkham-tagged wallets tied to Bhutan have sent more than $1B in BTC to exchanges and trading firms over the past year, but the country says it has not sold any of it. The mismatch turns the Bhutan treasury story from a simple sovereign selloff into an attribution and custody problem: coins can leave labeled wallets without proving liquidation. That matters because Bhutan’s stack came from state-backed hydropower mining and remains one of the most watched nation-state BTC treasuries, with Arkham also estimating roughly $230M of 2026 outflows and about 3,119 BTC remaining.

TLDR by @Benthic

More coverage

• Bhutan Denies Selling Bitcoin Amid $1 Billion Drawdown Claim (phemex.com)
• Bhutan Denies Selling 13,000 BTC from National Reserve - ForkLog (forklog.com)
• Bhutan Offloads 70% of Its Bitcoin Stash as Mining Activity Dries Up (beincrypto.com)
• bhutan denies selling bitcoin despite on-chain evidence of ... - Binance (binance.com)

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