Overview
- Arkham Intelligence tracked two moves over the past week totaling about 284 BTC, including 184.03 BTC on Wednesday and 100.82 BTC five days earlier.
- Portions of the funds went to QCP Capital and a Binance hot wallet, with other coins routed through new or intermediary addresses that can indicate custodial reshuffling.
- On-chain data so far shows no sustained exchange inflows tied to these wallets, and analysts say the flows resemble routine treasury operations or structured-product activity.
- Bhutan’s tracked holdings stand near 5,700 BTC worth roughly $412–$417 million, with Bitcoin comprising more than 99% of the sovereign crypto portfolio.
- The movements follow a known pattern of tranche-based disposals that peaked in mid to late September 2025, while the latest activity drew attention as bitcoin slid toward $70,000.