Bhutan moved approximately $22.4 million in Bitcoin to institutional market maker QCP Capital over the past week, according to Arkham Intelligence. Analysts suggest these transfers are likely part of routine treasury operations, such as engaging in structured products, rather than distressed selling, given the amounts are smaller than the kingdom’s typical $50 million liquidation tranches.
Blockchain analytics platform Arkham confirmed two major outflows from Druk Holding Investments, 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.
The latter transaction was 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, stated.
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.
Bhutan began mining Bitcoin around 2019 using its abundant hydroelectric power, quietly accumulating digital assets for economic diversification. The Himalayan nation has designated Bitcoin, Ethereum, and BNB as strategic reserves for its planned Gelephu Mindfulness City.
In December, Bhutan pledged up to 10,000 BTC to develop the economic hub, representing approximately $1 billion in sovereign reserves. 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 in September 2025. “QCP Capital is known for offering structured products in crypto,” Pratik Kala, head of research at Apollo Crypto, noted.
Kala added, “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.” DHI’s tracked wallets contain about $412 million in crypto, largely concentrated in some 5,700 BTC.
