Overview
- Bhutan’s state wallet, which sent 519.7 BTC worth about $36.7 million on Wednesday, now shows 4,453 BTC remaining.
- Year-to-date outflows tracked on-chain have crossed roughly $150 million, with March activity jumping from $5–15 million moves to $35–45 million transfers and a week of about $72 million.
- Repeated routes to QCP Capital point to over-the-counter deals, which are private trades used to avoid moving exchange prices, while some coverage notes exchange-like destinations that are not confirmed.
- The country built its stack through hydropower-backed mining with near-zero energy cost, yet recent on-chain data shows little new mined Bitcoin entering wallets, suggesting operations have slowed or paused.
- A pledge announced in December to allocate up to 10,000 BTC for Gelephu Mindfulness City is now out of reach with fewer than 4,500 coins left, which could curb funding for that project managed by Druk Holding.