Bhutan Dumps $72M in Bitcoin Again: Has It Stopped Mining?

• Bhutan moved approximately 973 BTC worth $72.3 million in a 24-hour window.
• On-chain data shows no Bitcoin mining inflow exceeding $100,000 in over 12 months.
• Bhutan has deposited a total of $383.41 million into exchanges since August 2021.

The Royal Government of Bhutan moved roughly 973 Bitcoin, worth approximately $72.3 million, out of its known addresses within 24 hours. On-chain data tracked by Arkham Intelligence shows the transfers began on Tuesday and continued into Wednesday. The activity follows a separate $1.52 million transfer to the institutional trading desk, QCP Capital, reported a day earlier.

Details on the Transfer

Bhutan’s government wallet, operated through its sovereign investment arm Druk Holdings, sent 595.848 BTC, valued at $44.44 million, to an unidentified address roughly a few hours before this report. A smaller test transaction of 0.0…

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