I noticed something interesting while observing Bhutan's on-chain movements over the past few days. The kingdom continues to accelerate its Bitcoin sales in a very noticeable way. On Wednesday, they transferred about 520 BTC to external addresses, which amounts to $36.75 million. It has become a recurring pattern that is clearly visible on Arkham Intelligence.

What struck me was the change in pace. In January and February, Bhutan's movements were more moderate, around $5 to $15 million per operation. Then March arrives, and boom, the transfers become massive, between $35 and $45 million. Last week alone, they withdrew about $72 million in BTC. We're talking about a single transaction of over 595 BTC.

Bhutan's reserves have drastically decreased. At the end of 2024, the country held about 13,000 BTC. Today, around 4,453 remain. That's a 66% drop in just a few months. With the current price around $72,800, their portfolio is now worth approximately $315 million, whereas it peaked at nearly $1.88 billion last year.

What’s interesting is that QCP Capital, this trading firm based in Singapore, constantly reappears as the recipient. Three separate transfers to them this year, totaling about $16.6 million. This suggests a structured OTC relationship rather than chaotic liquidations. Bhutan seems to be organizing this in a methodical way.

The context is also important. Bhutan accumulated these bitcoins through its hydroelectric mining operations with almost zero production cost. But there’s a problem: in December, the government committed to dedicating up to 10,000 BTC to finance Gelephu Mindfulness City. At the time, that was worth $860 million. Now, with less than 4,500 BTC in reserve, this commitment becomes mathematically impossible to fulfill without completely stopping withdrawals. It’s a detail worth following.