Bhutan Reduces BTC Holdings Below 4,000

Bhutan has continued selling state-held Bitcoin, transferring ~319 BTC (~$22.7M) on Thursday and reducing its sovereign holdings to about 3,654 BTC (~$285M). Arkham data show total outflows since late October 2024 have exceeded 9,000 BTC. While the sales mark a steady drawdown of Bhutan’s previously large position (it remains the fifth-largest nation-state holder), the report characterizes the impact on BTC’s market as limited: US spot BTC ETFs logged $335.8M in net inflows on April 22, 2026, helping support prices. Overall, the sovereign outflows are notable for monitoring whale activity and supply dynamics but appear offset by ETF demand and broader market flows.