Bhutan’s bitcoin liquidation trend is gaining momentum, with the latest transfer highlighting a sharp increase in selling activity.

On Wednesday, the Royal Government of Bhutan moved 519.707 BTC—valued at approximately $36.75 million—to an external address, according to Arkham Intelligence. The transaction adds to a growing سلسلة of disposals that have pushed total outflows in 2026 to around $152 million.

The week prior marked the most active period for Bhutan’s bitcoin movements on record. Blockchain data shows roughly $72 million in transfers, including a 595.848 BTC transaction worth $44.44 million—the largest single move this year. Additional transfers included 205.53 BTC ($15.14 million) and 150.047 BTC ($11.14 million), along with a smaller 20.506 BTC ($1.52 million) sent to QCP Capital.

Earlier in the year, Bhutan’s selling pattern was more gradual. In January, the government transferred 184 BTC ($14.09 million) to an external wallet, sent 100.818 BTC ($8.31 million) to QCP Capital, and moved $1.5 million in USDT to a Binance hot wallet. February saw another 100 BTC ($6.77 million) routed to QCP, followed by a 175 BTC ($11.85 million) transfer two weeks ago. Activity has since shifted toward larger, more frequent transactions.

Transfer sizes have increased from roughly $5 million–$15 million earlier in the year to $35 million–$45 million in March, signaling a more aggressive approach.

QCP Capital has remained a consistent counterparty, receiving three transfers totaling about $16.6 million so far this year. The repeated flows to the Singapore-based trading firm suggest Bhutan may be utilizing over-the-counter (OTC) channels for structured sales rather than selling directly on exchanges.

Bhutan’s bitcoin reserves peaked at around 13,000 BTC in late 2024, built through state-backed hydroelectric mining operations with minimal production costs. As a result, each sale effectively represents profit for the country, whose economy relies heavily on hydropower exports to India.

Since October 2024, holdings have declined significantly. Bhutan now holds approximately 4,453 BTC—valued at around $315 million—marking a roughly 66% drop from peak levels. Portfolio value has also fallen from about $1.88 billion to $315 million, reflecting both ongoing sales and bitcoin’s price decline from $119,000 to roughly $70,000.

In December, Bhutan announced a Bitcoin Development Pledge committing up to 10,000 BTC to fund the Gelephu Mindfulness City project, then valued at approximately $860 million. With current holdings now below 4,500 BTC, fulfilling that pledge under its original terms appears unlikely without reversing the recent drawdown.

CoinDesk has reached out to Druk Holding & Investments, the government’s investment arm, for comment on the latest transactions and whether the Gelephu initiative remains on track.