Arkham: Bhutan-linked wallets moved 250 BTC; 2026 outflows $240M

Arkham, a blockchain intelligence firm, reported that an on-chain wallet it links to Bhutan transferred 250 bitcoin and that cumulative crypto outflows tied to the country exceeded $240 million in 2026.

The 250 BTC transfer was identified in Arkham's tracking of addresses it associates with Bhutanese entities. The firm flagged the transfer as one of the larger individual transactions in its dataset and did not disclose exact timing for every transfer.

The transfers are recorded on public blockchains. Some coins were moved between on-chain addresses and others were sent to services Arkham labels as exchanges or custodial platforms.

Arkham uses clustering of addresses, transaction patterns and known service addresses to attribute flows to specific actors. The firm's classification of outflows refers to transfers it considers leaving wallets linked to Bhutan, rather than changes in value caused by market price moves.

Bhutanese officials have not issued a public comment on the report. Arkham's analysis does not assign a purpose to the transfers.

Independent confirmation is required to determine intent and final destinations for the funds. Further clarification would depend on statements from Bhutanese authorities or on-chain traces showing conversion to fiat or placement into long-term custody.

Arkham's $240 million tally for 2026 reflects cumulative transfers the firm classifies as outflows from Bhutan-linked wallets. The firm notes similar nation-linked wallet activity among several smaller states and institutions during 2026.