Gate News Report, March 25 — On-chain data shows that the Bhutanese government transferred approximately 519.7 Bitcoin again, worth nearly $37 million. The funds were split between two wallets, one of which is associated with institutional trader QCP Capital. Such on-chain activity is often viewed as a potential pre-sale preparation, and the market is closely watching for subsequent developments.
After this transfer, Bhutan still holds about 4,453 Bitcoin, valued at approximately $316 million. This asset is managed by the sovereign fund Druk Holding and Investments Ltd. Recently, the fund has conducted several similar transactions, including a transfer of about $72 million last week and around $12 million earlier this month, indicating an accelerated outflow of funds.
Bhutan previously leveraged its hydroelectric resources to mine Bitcoin, reaching a peak holding of over 13,000 BTC in 2024. However, on-chain records show that its Bitcoin addresses have not seen any large inflows for over a year, leading the market to speculate that its mining activities may have significantly slowed or even halted.
Regarding price, Bitcoin is currently around $71,000, still well below its all-time high in 2025. Amid ongoing sovereign fund rebalancing, market sensitivity to potential selling pressure and liquidity shifts has increased. The combination of fund movements and macro sentiment could further influence short-term trends.
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