The Royal Government of Bhutan transferred 519.7 Bitcoin (BTC) worth roughly $37.75 million from its main holding addresses.
According to Arkham Intelligence data, one of the receiving addresses has frequent interactions with Singapore-based trading firm QCP Capital.
Follow us on X to get the latest news as it happens
Druk Holding and Investments (DHI), the state-owned fund, now holds nearly 4,453 BTC, valued at approximately $317.95 million. That figure is down sharply from a peak of over 13,000 BTC recorded in late 2024, representing a roughly 65% decline.
Moreover, the pace of transfers has picked up in recent weeks. Last week, Bhutan moved $72.24 million in BTC. Of this, $31.95 million was sent to newly created, unlabeled addresses, and $1.52 million was sent to QCP Capital.
“Bhutan periodically sells portions of its Bitcoin in clips of $5-10M, with a particularly heavy period of selling around mid-late September 2025. Bhutan’s outbound transfer volume has also started to increase over the past 2 weeks,” Arkham said.
The accelerating outflows arrive during a fragile period for BTC. Four on-chain indicators are currently flashing a cautionary signal. Glassnode’s Accumulation Trend Score sits near zero, signaling distribution rather than accumulation across wallet sizes.
Whale transfers have dropped to levels not seen since 2023. CryptoQuant’s Network Activity Index continues to decline, pointing to weakening structural demand.
Whether Bhutan’s methodical drawdown continues at this pace, or pauses as prices stabilize, may depend on both its fiscal needs and the broader market’s ability to absorb persistent sovereign-scale selling pressure.
Subscribe to our YouTube channel to watch leaders and journalists provide expert insights
