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Bhutan is Moving Bitcoin Again But the Headline is Misleading. Here's What Actually Happened.
Bhutan moved 875.284 BTC worth ~$63M to a new address.
→ 519.707 BTC (~$38M) linked to QCP Capital interactions
→ Only 20.506 BTC (~$1.52M) actually transferred to QCP
→ Remaining 854.778 BTC Still Held, Not Sold
So the Real Sell? Roughly $1.52M in the Last Week. That's it.
Bhutan's Pattern:
→ Typical selling in $5-10M clips
→ Heavy selling was mid-to-late September 2025
→ Holdings now ~4,453 BTC, down from ~13,000 BTC in October
They went from 13K BTC to 4.453K BTC. The major selling already happened months ago.