Just noticed Bhutan dumped another 519.7 BTC worth about $36.75 million on Wednesday, and honestly the pace is getting wild. We're talking $152 million in total outflows so far this year alone, with the biggest moves hitting $44+ million in a single week. Their stack went from around 13,000 BTC back in late 2024 down to just 4,453 BTC now, which is a brutal 66% drawdown.

What caught my eye is the pattern shift. Early in the year they were moving smaller clips of $5-15 million, but starting in March they ramped up to $35-45 million transfers. Looks like they've got some structured OTC deal going with QCP Capital in Singapore, since that firm keeps showing up as the recipient. The whole thing feels less like panic selling and more like a planned liquidation strategy.

Here's the thing though—Bhutan pledged up to 10,000 BTC back in December for that Gelephu Mindfulness City project. At current holdings, they're way short. Even with BTC bouncing around $74K now, the math doesn't work anymore. They'd need to completely reverse this drawdown to hit that target, and at this selling pace that's not happening. Watching a sovereign wealth fund basically unwind their bitcoin bet in real time is pretty rare.