Arkham Intelligence reports over $1 billion in bitcoin flowed from Bhutan-linked wallets to exchanges and trading firms in the past year. The Bhutanese government disputes the transactions, stating it 'doesn’t recall' selling any bitcoin. This clash leaves the origin of the outflows unexplained.
The Flow of Funds
Arkham’s data shows bitcoin moving steadily through 2026. It didn’t name specific exchanges or firms. The outflows happened without public announcements. Just big chunks shifting week after week.
Bhutan's Official Denial
Officials called Arkham’s numbers into question. They said the government doesn’t recall any bitcoin sales. That’s not a firm rejection. It’s a non-denial denial. The phrasing feels odd for a sovereign state.
Where It Stands
Neither side has added new details since Friday’s statement. Arkham hasn’t updated its report. Bhutan’s ministry isn’t answering follow-up questions. The dispute’s stuck right where it started.
