Bhutan denies selling bitcoin as on-chain data shows $1B in BTC left its wallets!

Arkham Intelligence data shows wallets attributed to Bhutan's sovereign wealth fund, Druk Holding and Investments (DHI), have shed roughly 9,900 BTC since October 2024 — dropping from approximately 13,000 BTC to around 3,100 BTC worth $252 million. Outflows have flowed to exchanges and trading firms including wallets linked to Galaxy Digital and OKX, destinations Arkham associates with selling activity rather than internal reshuffling.

DHI CEO Ujjwal Deep Dahal told CoinDesk he doesn't recall the last time Bhutan sold any BTC, and the fund declined to address specific wallet movements or confirm current holdings. Arkham notes it has tracked these wallets as Bhutan's for years without prior dispute from the government. At current pace, Arkham estimates Bhutan could exhaust its remaining position by October.

The apparent drawdown creates a serious credibility problem for Bhutan's…