Bhutan Transfers 520 BTC Worth $37M to New Addresses

The Royal Government of Bhutan transferred 519.7 Bitcoin, valued at approximately 36.75 million dollars, from state-linked wallets to two new addresses on Wednesday, including one associated with the Singapore-based digital asset trading firm QCP Capital. The transaction, tracked by blockchain analytics firm Arkham Intelligence, reduces the Himalayan nation's holdings to about 4,453 Bitcoin, worth roughly 316 million dollars at current market prices.

Blockchain data indicates the funds originated from addresses controlled by Bhutan's sovereign wealth fund, Druk Holding and Investments, which oversees the country's cryptocurrency reserves. One recipient address has shown prior interactions with QCP Capital, a firm known for providing over-the-counter trading and custody services to institutional clients. The second address remains unidentified publicly. Officials have not disclosed the purpose of the move, though analysts suggest it could involve liquidity management, portfolio rebalancing, or preparation for sales, given the trading firm's involvement.

This transfer follows a pattern of recent outflows from Bhutan's wallets. Last week, the nation moved 973 Bitcoin worth 72.3...