Bhutan's government transferred 175
$BTC worth approximately $11.85 million this week, pushing 2026 outflows past $42 million. The country still holds roughly 5,400 BTC — about $374 million at current prices — all managed through Druk Holding & Investments, the national sovereign wealth fund.
What makes this worth paying attention to isn't the dollar amount. It's the routing. Transfers have been going to QCP Capital and a Binance hot wallet — suggesting trading, liquidity management, or potential sales rather than simple cold storage moves.
The pattern started January 30 — 100.8 BTC moved to QCP Capital just before a significant market downturn. Repeated again February 4 before another pullback. Three timed moves. Three times the market weakened shortly after. Whether that's coincidence or reading macro signals better than most, it's a pattern worth tracking.
Transaction history shows DHI's main exchange partners are Binance at 68% of activity and Celsius Network at 31% — a distribution that points to a sophisticated, multi-channel approach. Not panic. Not noise. Just quiet, consistent trimming from a peak holding that once sat at $1.4 billion.
#bitcoin #BTC #SovereignBitcoin #CryptoMarkets #Onchain