Overview
- Government-linked wallets tied to Druk Holding & Investments shifted roughly 700 BTC in late March, sending 325 BTC to a wallet linked to Galaxy Digital and 375 BTC to an unknown address, on-chain analysts said.
- The latest transfers extend a March selling spree of more than $84 million that reporters traced through exchanges and over-the-counter desks, which are private firms that match large trades off public exchanges to limit market impact.
- Earlier in the month, a 519.7 BTC move went to an address that often interacts with Singapore-based QCP Capital, signaling execution through an OTC counterparty rather than open-market selling.
- Trackers report Bhutan’s visible Bitcoin balance has fallen from just over 13,000 BTC toward the mid-4,000s, making each new transfer a clearer signal of how the country now treats its reserve.
- Officials have not explained the sales, and analysts cite profit-taking, funding needs, or a shift in custody as possible reasons for the moves.