This case raises the question of how to get rid of Bitcoin.

2026/03/21 10:00

Noriaki Yagi

This case raises the question of how to get rid of Bitcoin.

Table of Contents

The limitations of the national minority model
The state is also an entity that "has no choice but to sell out."

According to data from blockchain analytics firm Arkham Intelligence, Druk Holding & Investments (DHI), a government-owned investment institution in the Kingdom of Bhutan, moved 973 BTC (approximately 11.5 billion yen) to multiple addresses in about 24 hours. Some of this was transferred to the institutional investor trading platform QCP Capital, suggesting the possibility of sale or securitization.

The total amount moved since the start of 2026 has already exceeded 17.5 billion yen, and the amount held has decreased to 4,453 BTC. This represents a reduction of more than 65% from the peak of approximately 13,000 BTC. Even more noteworthy is the fact that no large new inflows have been observed for over a year. This suggests that the country's mining operations may have effectively ceased.

The article is for members only. Please sign up to continue reading.

PROFILE

Noriaki Yagi

Editor-in-chief,Iolite

While still at university, I launched a restaurant consulting business and a staffing service for the amusement sector, drawing on my experience working in the food and beverage industry, and took on the role of representative. At the same time, I began managing social media to establish my personal brand, reaching 10,000 followers within six months. In September 2021, I joined J-CAM Inc., where I worked on YouTube and Twitter operations before being appointed Editor-in-Chief in April 2022. In March 2023, I founded Iolite.

This case raises the question of how to get rid of Bitcoin.

Iolite Vol.19

Iolite Vol.19