Bhutan Denies $1B Bitcoin Sales as Arkham Tracks Sovereign Outflows

Bhutan’s sovereign wealth fund has denied selling any bitcoin, disputing Arkham Intelligence’s tracking of over $1 billion in outflows from linked wallets since mid-2025. Holdings have fallen from roughly 13,000 BTC in late 2024 to about 3,100 BTC today after repeated transfers, including another 100 BTC moved on May 12. Marathon Digital sold 20,880 BTC (~$1.5B) in Q1 to cut debt and fund an AI pivot, contributing to a $30B drop in public bitcoin treasury values amid broader institutional liquidations. Bitcoin trades near $80,500 as the conflicting signals create short-term supply uncertainty.