Bhutan moved 973 BTC over Tuesday and Wednesday, with the transfers valued at about $72.3 million based on market prices at the time. Arkham Intelligence linked the activity to wallets associated with Druk Holding and Investments, the entity that manages the country’s digital asset portfolio.
Arkham also reported that another $44.44 million in bitcoin was sent to two unidentified addresses during the same period. That lifted the short-term transfer volume sharply and pointed to coordinated reserve management rather than an isolated wallet move.
One transfer reached OTC platform QCP Capital
Within the recorded transactions, 20.5 BTC worth roughly $1.52 million was sent to QCP Capital. Since QCP operates as an over-the-counter trading platform, that destination can indicate liquidity arrangements or institution-sized execution instead of retail activity.
Year-to-date figures show Bhutan has shifted more than $110 million in bitcoin since the start of 2026. The scale of those outflows suggests the latest transfers fit into a broader repositioning pattern, not a one-off event.
Holdings have fallen well below the previous peak
Current data places Druk Holding’s bitcoin reserves at about 4,453 BTC, worth nearly $330 million. That is far below the country’s reported holdings of more than 13,000 BTC in October 2024. The drop points to a major change in reserve composition over time, whether through sustained selling, redistribution across addresses, or both.
Arkham’s tracking also indicates Bhutan has not received a bitcoin inflow above $100,000 for more than a year. That matters because the country previously built much of its bitcoin position through hydro-powered mining, turning surplus electricity into digital assets. The lack of fresh inflows may reflect a pause in mining activity or a slower operating pace than before.
Transfers landed while bitcoin traded near $72,953
During the reporting window, bitcoin traded around $72,953, down about 1.5% on the day. Executing large transfers during a relatively stable price period can help limit market disruption. Bhutan still holds a sizable bitcoin reserve, but the recent outflows, weaker mining-related inflows, and multi-wallet movements show that its state-level crypto management approach is shifting.