Bhutan continues to transfer large amounts to a Bitcoin exchange. It is reported that only on Wednesday, they moved about 520 BTC, approximately $37 million. Since the beginning of this year, they have sold over $150 million worth.

The interesting part is the trading pattern. In January and February, small transactions of $5 million to $15 million predominated, but starting in March, it suddenly shifted to large transfers of $35 million to $44 million. Seeing that a company related to the Singapore-based QCP Capital exchange repeatedly appears as a trading counterparty suggests that these are not arbitrary liquidations but structured over-the-counter (OTC) trading contracts.

Due to the transfer from Bhutan’s Bitcoin exchange, which held up to 13,000 BTC at its peak at the end of 2024, the current holdings have dropped to around 4,450 BTC. That's a 66% decrease. In December last year, they promised to invest up to 10,000 BTC for the Gerepu Mindfulness City project, but at this rate, they will fall short of even half that amount.

With Bitcoin currently priced around $73,000, it’s important to watch how these large-scale sales by Bhutan will impact the market. They are releasing Bitcoin, which was almost free to mine through hydroelectric power, into the market via exchanges.