Gate News reports that the Royal Government of Bhutan recently transferred 519.7 BTC, worth approximately $37.75 million, from its main holding address. According to Arkham Intelligence, one of the receiving addresses frequently interacts with QCP Capital, a trading firm based in Singapore. After this transfer, the state-owned fund Druk Holding and Investments (DHI) holds about 4,453 BTC, valued at roughly $317.95 million, down about 65% from the peak of over 13,000 BTC at the end of 2024.
In recent weeks, Bhutan’s Bitcoin transfers have accelerated significantly. Last week, they moved a total of $72.24 million worth of Bitcoin, with $31.95 million going to newly created untagged addresses and $1.52 million sent to QCP Capital. Arkham Intelligence notes that Bhutan typically sells Bitcoin in amounts ranging from $5 million to $10 million, with a particularly concentrated sell-off in mid to late September 2025. The recent increase in outflows indicates ongoing adjustments to its sovereign holdings.
On-chain data also shows signs of market pressure. Glassnode’s accumulation trend score approaches zero, indicating Bitcoin is in a state of distribution rather than accumulation. Whale transfer volumes have dropped to their lowest levels since 2023, and CryptoQuant’s network activity index continues to decline, suggesting structural demand is weakening. Short-term Bitcoin supply pressures are rising, which could lead to increased price volatility.
Analysts believe that the sustainability of Bhutan’s Bitcoin sell-offs may depend on its fiscal needs and the market’s capacity to absorb large sovereign sales. If the market cannot digest the current sell-off, prices may face downward pressure; if stabilization occurs, Bhutan may pause transfers. Investors should monitor this sovereign fund activity to assess changes in Bitcoin supply and demand and potential volatility.
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