Bhutan just moved $37.75 Million of Bitcoin out of its main holding addresses. One of the addresses receiving a portion of this BTC has frequent interactions with trading firm QCP Capital. Last week, Bhutan moved $72.24M out of its addresses, with $31.95M ending up in new unmarked addresses, and at least $1.52M transferred 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)