What to know : Bhutan’s government-linked bitcoin wallets moved more than 184 BTC, worth about $14 million, after roughly three months of inactivity as crypto and broader markets sold off. The transfers sent coins to new addresses and known counterparties such as QCP Capital and a Binance hot wallet, suggesting trading, liquidity management or potential sales rather than simple cold storage. While the moves do not confirm outright selling, they highlight how Bhutan and other large holders are increasingly using bitcoin as an active balance-sheet tool during periods of market stress.
The Royal Government of Bhutan has begun moving bitcoin after months of wallet inactivity, shifting funds to trading firms, exchanges and fresh addresses as bitcoin slid below $71,000 and broader markets convulsed.
Onchain data tracked by Arkham shows Bhutan-linked wallets transferring more than 184 BTC, worth roughly $14 million, over the past 24 hours.
Some of the bitcoin was sent to new addresses, while other transfers flowed to known counterparties including QCP Capital and a Binance hot wallet, according to Arkham.
These destinations typically associated with trading, liquidity management or potential sales. CoinDesk reached out to QCP Capital via Telegram for comment.
The activity marks Bhutan’s first notable wallet movement in roughly three months and comes at a volatile moment for crypto markets. Bitcoin has fallen more than 7% in 24 hours, while silver plunged as much as 17% and global equities slid amid fears that artificial intelligence spending is undermining traditional software business models.
Bhutan has emerged over the past two years as one of the more unusual sovereign bitcoin holders, quietly building a stash through state-backed mining tied to hydropower.
Unlike corporate treasuries that trumpet accumulation strategies, Bhutan’s holdings have largely been managed out of the spotlight, making changes in wallet behavior closely watched by traders.
The latest transfers do not confirm outright selling. Coins were split across multiple destinations, including new wallets that could indicate internal reshuffling or collateral management rather than immediate liquidation.
Still, sending bitcoin to exchanges and trading firms during a sharp drawdown contrasts with the country’s otherwise long periods of inactivity.
The moves also echo a broader theme emerging in this selloff: large holders treating bitcoin less as a static reserve asset and more as a balance-sheet tool during stress.
Corporate treasuries, miners and now sovereign-linked entities are adjusting positions as liquidity tightens and price swings accelerate.
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