Bhutan Transfers 402 BTC to QCP Capital as Part of Strategic Bitcoin Offloading
The Royal Government of Bhutan has transferred 402 BTC—worth approximately $39.56 million—to QCP Capital, continuing its calculated Bitcoin offloading amid market fluctuations. This latest move reaffirms Bhutan’s active participation in institutional crypto trading while maintaining its position as the fourth-largest government Bitcoin holder globally, with 11.4K BTC valued at $1.12 billion.
Bhutan’s Bitcoin Strategy: A Pattern of Strategic Management
Bhutan has consistently adjusted its Bitcoin reserves, employing a strategic offloading approach based on market conditions. Since Bitcoin’s surge in late October, the nation has offloaded 1,696 BTC, totaling $139 million, at an average price of $81,999 per BTC.
Notably, Bhutan’s previous BTC movements include:
- January 17, 2025 – Transferred 633 BTC to two new wallets while retaining overall holdings.
- December 9, 2024 – Offloaded 402 BTC via an OTC deal with QCP Capital at approximately $98,700 per BTC.
These calculated transactions indicate Bhutan’s active role in institutional Bitcoin trading, mainly through Binance and QCP Capital, which has direct implications for market liquidity and Bitcoin’s price action.
Bitcoin’s Price Action: Bullish Trend Holds Amid Resistance at $110K
Bitcoin remains in an ascending channel, trading at $96,673, after rebounding from a low of $95,678. The cryptocurrency continues to form higher highs and higher lows, reinforcing its bullish trend as long as the lower trendline holds.
Key price levels to watch:
✅ Support Zone: Lower trendline around $95,000
✅ Immediate Resistance: $110,000—a key breakout level
✅ Potential Upside: A breakout past $110,000 could drive BTC even higher
Market volume remains moderate, signaling balanced participation. However, a break below support could indicate a shift in trend, prompting caution among traders.
Bhutan’s Role in the Crypto Market: Strategic or Speculative?
With 11.4K BTC in reserve, Bhutan continues to be a significant player in the global Bitcoin market. While its transactions suggest a well-calculated asset management strategy, the frequent shifts raise questions about whether the government aims to maximize profits or maintain a stable crypto portfolio in the long term.
As Bitcoin flirts with the $100K milestone, Bhutan’s next move could have market-wide implications. Will the nation continue offloading or hold firm as Bitcoin inches toward new highs? Only time—and market trends—will tell.
