Bhutan moved Bitcoin holdings to institutional market makers as the crypto market extended losses, though analysts say the transfers align with the kingdom's established treasury operations rather than distressed selling.
Blockchain analytics platform Arkham confirmed two major outflows from Druk Holding Investments (DHI), Bhutan's sovereign investment arm, over the past week.
The transactions included 184.03 BTC worth $14.09 million on Wednesday and 100.82 BTC valued at $8.31 million five days earlier, with the latter sent directly to labeled addresses tied to Singapore-based crypto asset trading firm QCP Capital.
"I would think it's a routine operation. The amount is not particularly big," Peter Chung, head of research at Presto Research, told Decrypt. "If this transfer happened any other time (when the market is not down so much), it probably wouldn't receive this kinda attention."
The transfers occurred as Bitcoin fell below $72,000 for the first time since November 2024. BTC is currently trading at $71,299, down 6.1% on the day and nearly 44% from its October 2025 all-time high of $126,080, according to CoinGecko data.
On Myriad, a prediction platform owned by Decrypt’s parent company Dastan, users currently price in an 89% chance of Bitcoin dropping to $69,000 ahead of any rally to $100,000.
"The current volatility reflects broader macro sensitivity rather than any crypto-specific weakness," Akshat Siddhant, Lead Quant Analyst at Mudrex, told Decrypt. "Geopolitical tensions between the U.S. and Iran are also keeping risk appetite in check, though ongoing dialogue offers scope for sentiment to improve."
Bhutan and Bitcoin
Bhutan began mining Bitcoin around 2019 using its abundant hydroelectric power, quietly accumulating digital assets as part of an economic diversification strategy.
The kingdom's renewable energy-powered mining operations have built one of the world's largest sovereign Bitcoin treasuries without public disclosure until recent years.
The Himalayan nation has emerged as one of the world's most crypto-forward governments, designating Bitcoin, Ethereum, and BNB as strategic reserves for Gelephu Mindfulness City, a designated Special Administrative Region.
In December, Bhutan pledged up to 10,000 BTC to develop Gelephu Mindfulness City, an economic hub in southern Bhutan representing approximately $1 billion in sovereign reserves.
Decrypt has reached out to the city for comment.
According to Arkham's analysis, the recent outflows are smaller than Bhutan's established patterns.
The kingdom typically sells Bitcoin in roughly $50 million tranches, with particularly heavy sales between mid and late September 2025, when multiple transactions each exceeded $50 million, the platform tweeted.
"QCP Capital is known for offering structured products in crypto, which include various options strategies that investors use for income, accumulation, or hedging," Pratik Kala, head of research at Apollo Crypto, told Decrypt.
"While I cannot say with certainty why Bhutan sent coins to QCP, I would guess that it's for a structured product instead of outright selling," Kala added.
DHI’s tracked wallets contain about $412 million in crypto, largely concentrated in some 5,700 BTC, with little allocation to Ethereum and other assets.
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