Arkham Tracks $1B Bitcoin Outflows from Bhutan; Holdings Fall to 3,100 BTC

According to Arkham Intelligence's on-chain tracking, Bhutan's sovereign wealth fund Druk Holding and Investments (DHI) has experienced over $1 billion in Bitcoin outflows to exchanges and trading firms since July 2025, despite the fund's categorical denial of any sales. The tracked holdings have declined from approximately 13,000 BTC in October 2024 to 3,100 BTC currently, representing a 76% reduction in less than two years.

DHI CEO Ujjwal Deep Dahal stated to CoinDesk, "I don't recall the last time we sold any BTC," but the fund did not dispute Arkham's wallet attribution or address specific destination wallets. A more immediate concern: Bhutan committed to contributing up to 10,000 BTC toward the Gelephu Mindfulness City development in December 2025, but its current holdings of 3,100 BTC fall significantly short of that pledge.