Bhutan's Declining Bitcoin Reserves Raise Questions

Bhutan has been steadily reducing its Bitcoin holdings over the past 18 months, according to recent blockchain data.

The country's Bitcoin reserves have declined by nearly 70% during this period, from around 13,000 BTC in October 2024 to under 4,000 BTC today.

The large outflows recorded in 2026 contribute significantly to the overall decline, with $215.7 million worth of Bitcoin transferred out this year through multiple transactions.

While the exact reasons for these transfers remain unclear, the data suggests a gradual approach to reducing holdings.