The Royal Government of Bhutan has transferred 519.7 Bitcoin (BTC), with a total value of approximately $37.75 million, from its primary storage addresses.
According to data from Arkham Intelligence, one of the addresses receiving the Bitcoin regularly transacts with the Singapore-based trading firm QCP Capital.
Bitcoin transfers by the Royal Government of Bhutan. Source: ArkhamFollow us on X for the latest news updates as they happen.
Druk Holding and Investments (DHI), Bhutan's state-owned investment fund, currently holds nearly 4,453 BTC , valued at approximately $317.95 million. This figure represents a sharp decline from its peak of over 13,000 BTC recorded at the end of 2024, equivalent to a decrease of about 65%.
In addition, the speed of Bitcoin transfers in Bhutan has recently increased significantly. Last week, Bhutan transferred a total of $72.24 million in BTC. Of that amount, $31.95 million was sent to new, unlabeled addresses , and $1.52 million was sent to QCP Capital.
“Bhutan regularly sells off portions of its Bitcoin holdings, ranging from $5 million to $10 million at a time, with particularly strong selling activity around mid-to-late September 2025. The volume of Bitcoin being transferred out of Bhutan has also started to increase in the last two weeks,” Arkham stated.
These increasingly large-scale Bitcoin transfers are occurring amidst a highly volatile Bitcoin market . Currently, all four on-chain indicators are sending warning signals. Glassnode 's Accumulation Trend Score is close to zero, suggesting the market is distributing Bitcoin rather than accumulating it across various wallet sizes.
Whale trading volume has fallen to its lowest level since 2023. CryptoQuant's Network Activity Index also continues to decline, reflecting weakening real demand on the network.
Whether Bhutan continues to sell BTC regularly or pauses once the price stabilizes will likely depend on the country's financial needs and the market's ability to absorb significant selling pressure from a single nation.
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