Bhutan’s state-owned investment arm has steadily sold portions of the country’s Bitcoin reserves, moving about $42.5 million in BTC and USDT so far in 2026 through a small set of recurring counterparties.

Data from blockchain analytics firm Arkham Intelligence shows that the Royal Government of Bhutan transferred 175 BTC, valued at $11.85 million, on Monday to an address that had previously received 184 BTC in February. 

The February activity included multiple transfers totaling roughly $30.7 million, including two sends to QCP Capital, a trading firm, and a $1.5 million USDT transfer to a Binance hot wallet.

The pattern suggests a planned treasury drawdown and liquidity…

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