Over the last few months, there have been heavy selling that has contributed to push the Bitcoin price downward. A good chunk of this selling had come from major holders as they moved to secure profits on their holdings. However, amid the sell-offs, one interesting name continues to pop up, with selling ramping up to over 8,000 BTC. The name is Bhutan, a small country of less than one million people, which held almost $1.5 billion in BTC at one point.
Bhutan’s Bitcoin Sell-Offs Cross 8,000 BTC
For years now, Bhutan has been mining and stacking Bitcoin through a government-sponsored mining operation. Over time, this stack grew to thousands of coins, reaching 13,000 BTC back in 2024. According to data from Arkham Intelligence, the country’s stack was worth almost $1.5 billion at its peak in 2025.
With the price rising over $100,000, though, Bhutan had begun to reduce its BTC holdings gradually, selling off millions of dollars’ worth of coins at a time. At first, the country moved slowly, initially starting out by sending USDT balances to the Binance crypto exchange. But then, things began to change as it started to trim its Bitcoin holdings.
This sell-off trend continued into the year 2025, with the government selling off BTC in stacks worth between $1 million and $5 million at the start of the year. However, there has been a major shift in the sell-off volumes in the month of March, as Bhutan moved hundreds of BTC in single transactions.
Some of the notable transactions include 175 BTC worth $11.86 million that was moved on March 9. Then a 205.52 BTC move worth $15.14 million was moved out on March 17. As time went on, the amounts only got higher, crossing 500 BTC in single transactions.
On March 18, 595.84 BTC worth $44.44 million was moved out of the government’s wallet, and then 519.7 BTC worth $36.75 million was moved out on March 25. This latest move brought Bhutan’s Bitcoin holdings down to 4,453 BTC, meaning the country has sold around 8,547 BTC since its holdings peaked at 13,000 in 2025.
So far, the country seems to have made the most transfers to Binance, reaching over $100 million sent to the crypto exchange. However, one interesting name has popped up this year, and that is QCP Capital. QCP Capital is a digital asset trading firm based in Singapore, and according to its public profile, it facilitates trading services between traditional finance and the crypto world.
Taking this into account, the transfers from Bhutan to QCP Capital suggest that it is facilitating the BTC sell-offs for the country. So far, it has handled around $16 million in BTC for Bhutan, and this figure could continue to grow if the country continues to dump its Bitcoin holdings.
Featured image from Dall.E, chart from TradingView.com
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