Bhutan has transferred $22.4 million worth of Bitcoin from its wallets over the past week, continuing a pattern of periodic BTC sales observed over the past several years. 

According to blockchain analytics firm Arkham, one of the transfers, executed five days ago, was sent directly to addresses labeled as belonging to market maker QCP Capital.

Data from Arkham indicates that Bhutan is selling Bitcoin in increments of roughly $50 million, with a particularly heavy selling period recorded in mid-to-late September 2025. Bhutan has been mining Bitcoin since 2019, producing over $765 million in BTC profits while incurring estimated energy costs of around $120 million.

Bhutan…

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