Bhutan’s official stance, expressed by Druk Holding and Investments CEO Ujjwal Deep Dahal, is that there have been no Bitcoin sales this year, contradicting on-chain inferences from Arkham.

The episode underscores the broader challenge of verifying sovereign cryptocurrency movements through on-chain analytics and could shake investor confidence in blockchain data providers.

The discrepancy arises because Arkham uses AI-labeled wallets to track holdings, a method not officially verified by Bhutanese authorities, raising questions about data accuracy.

Meanwhile, Bhutan continues to mine Bitcoin using hydropower, indicating ongoing sovereign crypto activity despite the claimed sales gap.

Arkham Intelligence has reported a sharp drop in Bhutan’s Bitcoin holdings, from about 13,000 BTC in October 2024 to roughly 3,121 BTC today.