Just been tracking Bhutan's bitcoin moves and it's getting wild. The kingdom dumped another 519.7 BTC (worth about $36.75M) this week, which sounds like a lot until you look at what happened the week before - they moved roughly $72 million in a single week. We're talking $152 million in total outflows for 2026 so far.

What's interesting is the pattern shift. January and February were these smaller $5-15 million clips, pretty steady. Now we're seeing $35-45 million transfers, and they keep sending stuff to QCP Capital in Singapore - a trading firm that's received three separate transfers totaling around $16.6 million this year. Looks like a structured OTC arrangement rather than panic selling.

Here's the thing though - Bhutan's holdings have dropped 66% from their late-2024 peak of about 13,000 BTC down to 4,453 BTC. They pledged up to 10,000 BTC for the Gelephu Mindfulness City project back in December, but at this pace they're nowhere near that number anymore. The math doesn't work. Their stack was built on essentially free mining through hydroelectric power, so every coin sold is pure profit for the country, but still, the rate of drawdown is pretty aggressive.

Bitcoin's currently sitting around $73.63K, so Bhutan's remaining holdings are worth roughly $315 million - down from nearly $1.88 billion at peak. Between their selling pressure and the broader price action, it's been a rough few months for the kingdom's crypto strategy.