Bhutan's Bitcoin Holdings Plummet by Nearly 70% Over 18 Months

Bhutan has been reducing its Bitcoin holdings at an alarming rate over the past 18 months, according to recent blockchain data.

The country's reserves have plummeted from approximately 13,000 BTC in October 2024 to around 3,954 BTC, marking a staggering decline of nearly 70%. This sharp decrease is largely due to large-scale outflows totaling $215.7 million this year alone.

While the exact motivations behind these transfers remain unknown, the data suggests that Bhutan's strategy in managing its Bitcoin reserves is undergoing significant changes. The absence of official statements from the country further fuels speculation and uncertainty.