Bhutan accelerates BTC sell-off — 500+ coins moved as 2026 outflows top $150M Bhutan has quietly stepped up selling from its once-mighty bitcoin hoard, moving another 519.707 BTC (about $36.75 million) on Wednesday to an external address, Arkham Intelligence data shows. The transfer is part of a sharp drawdown that has sent roughly $152 million off the kingdom’s balance sheet so far in 2026. A flurry of large moves over the past two weeks marks the fastest liquidation in Bhutan’s bitcoin history. Arkham’s flow data shows a roughly $72 million cluster in a single week that included the year’s largest single transfer — 595.848 BTC ($44.44 million) — followed by 205.53 BTC ($15.14 million) and 150.047 BTC ($11.14 million) to external wallets, plus 20.506 BTC ($1.52 million) to QCP Capital’s merchant deposit address. A timeline of notable 2026 outflows (Arkham figures) - Wednesday: 519.707 BTC — $36.75M to an external address - Prior week cluster: 595.848 BTC — $44.44M (largest single move), plus 205.53 BTC ($15.14M) and 150.047 BTC ($11.14M), and 20.506 BTC ($1.52M) to QCP Capital - Two weeks before Wednesday: 175 BTC — $11.85M - February: 100 BTC — $6.77M to QCP Capital - January: 184 BTC — $14.09M to an external wallet; 100.818 BTC — $8.31M to QCP Capital; $1.5M in USDT to a Binance hot wallet Selling has shifted from smaller $5–$15 million tranches in January and February to much larger $35–$45 million transfers in March. QCP Capital, the Singapore-based trading firm, has been a recurring counterparty — receiving three separate transfers totaling roughly $16.6 million this year — which points to an organized OTC relationship rather than ad-hoc liquidations. How big was Bhutan’s stash, and what’s left? Bhutan’s bitcoin stockpile peaked at about 13,000 BTC in late 2024, accumulated over several years via state-backed hydroelectric mining (a production model with an effectively zero cost basis). Since the drawdown began after October 2024, holdings have plunged 66% from that peak. Current balances are about 4,453 BTC, valued at roughly $315 million — down from a portfolio peak near $1.88 billion, a fall driven both by sales and bitcoin’s price slide from about $119,000 to $70,000 (Arkham’s balance chart). Policy implications: the Gelephu pledge looks strained In December Bhutan announced a Bitcoin Development Pledge that committed up to 10,000 BTC to fund the Gelephu Mindfulness City project — a commitment that, at the time, was worth roughly $860 million. With fewer than 4,500 coins currently on the books, the pledge in its original form is now mathematically impossible to fulfill unless the government reverses course and replenishes its holdings. Why this matters Every BTC sold has been pure profit for Bhutan given its near-zero mining cost, and the country’s economy is heavily dependent on hydroelectric exports to India. Large, structured sell-side activity — especially via repeated OTC counterparties like QCP — can influence market liquidity and price discovery, and raises questions about the government’s long-term strategy for its bitcoin reserves and the status of public commitments like the Gelephu pledge. CoinDesk has contacted Druk Holding & Investments, the government’s commercial arm, for comment on the recent transfers and whether the Gelephu commitment remains active. Read more AI-generated news on: undefined/news

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