Bhutan moves bitcoin
Bhutan shifted 519.7 BTC — roughly $36.7M — and now reportedly holds about 4,453 BTC in reserve as part of a larger crypto strategy. (x.com) The move caught DeFi attention for its timing and scale amid broader institutional accumulation narratives. (x.com)
On-chain sleuths at Arkham traced the latest outbound addresses to trading-linked counterparts, with at least one recipient identified as the OTC arm of QCP Capital. (theblock.co) The tokens originate from wallets associated with Druk Holding and Investments Ltd., Bhutan’s state-owned holding company that manages the kingdom’s crypto mining-derived reserves. (cointelegraph.com) Blockchain records show a separate multi-address transfer of 973 BTC moved across 24 hours in mid‑March, a concentrated activity analysts flagged as liquidity provision rather than small retail flows. (coinpaper.com) Aggregating on‑chain activity, trackers put Bhutan-linked outflows in 2026 at roughly $150–$152 million so far, a run rate that outpaces the prior month’s pace. (coincentral.com) Public data show the sovereign stash peaked at about 13,000 BTC in late 2024, meaning recent transfers represent a decline of roughly two‑thirds from that high. (decrypt.co) Bhutan had previously pledged up to 10,000 BTC toward the Gelephu Mindfulness City development, a commitment commentators now describe as mathematically unfulfillable given the scale of the drawdown. (coinpedia.org)
