Overview
- Arkham Intelligence flagged a recent move of 123.7 BTC worth about $8.5 million to a fresh wallet that used a different address type.
- Since early 2025, about $159 million left Bhutan’s main wallets and roughly $39 million returned, leaving net outflows near $120 million and a drop of about 1,700 BTC.
- The government has been selling in steady $5 million to $10 million clips and routing coins to exchanges and trading firms such as QCP Capital.
- Transfer frequency has picked up in recent weeks, following a larger window in September 2025 when roughly 3,500 BTC were sold.
- Officials have not explained the sales, leaving open whether this is routine treasury work, profit‑taking, or a shift away from national‑scale bitcoin mining.