Bhutan Bitcoin Sell-Offs Raise Questions as Net Outflows Reach $120 Million

TLDR: Bhutan has recorded a net Bitcoin outflow of approximately $120 million since the start of 2025. The government moves Bitcoin in $5M–$10M batches, sending funds to exchanges and firms like QCP Capital. A recent transfer of 123.7 BTC worth $8.5M went to a fresh address with a different address type. Bhutan’s total Bitcoin holdings [...]

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