The Royal Government of Bhutan transferred approximately 400 Bitcoin, worth around $30.62 million, to an unidentified external address, blockchain analytics firm Lookonchain said. The transaction leaves Bhutan’s remaining labeled on-chain holdings at roughly 518 BTC, compared with a peak of about 13,000 BTC in October 2024. Most transfers have been attributed to Druk Holding and Investments, Bhutan’s sovereign wealth fund, which has routed Bitcoin to Binance, Galaxy Digital, QCP Capital and other counterparties throughout 2026. Bhutan’s labeled wallets recorded outflows totaling hundreds of millions of dollars this year, including a 533 BTC transfer to Binance in June. The latest transfer went to an unlabeled destination, making its purpose difficult to determine from blockchain data alone. Bhutan accumulated Bitcoin through state-backed hydropower mining that began in 2019. Government representatives have previously described transfers as liquidity management rather than outright sales. Mining inflows have remained minimal for more than a year. In December 2025, Bhutan pledged up to 10,000 BTC toward the Gelephu Mindfulness City project, although it remains unclear whether that allocation was executed through transfers, used to raise fiat for construction, or held in wallets that have not been identified. The country has a population of roughly 700,000. Its large 2026 outflows represent potential sell pressure, and similar opaque movements by sovereign-level holders such as El Salvador and the United States have drawn market scrutiny.