Just noticed something pretty wild on-chain - Bhutan moved another 519 BTC to exchanges worth about $36.75 million on Wednesday. That's the third major dump in just two weeks. The pace of these Bhutan news flows is actually insane if you've been tracking their holdings.

So here's the deal: Bhutan's been liquidating hard. They had roughly 13,000 BTC back in late 2024, but now they're down to about 4,453 coins. That's a 66% drop in just a few months. The outflows this year alone hit $152 million, and the pattern shifted from small $5-15 million clips in January-February to massive $35-45 million chunks starting in March. Last week was their biggest week ever - $72 million moved in a single seven days.

What's interesting from a Bhutan news perspective is that they keep sending coins to QCP Capital, a Singapore-based trading firm. Three separate transfers totaling roughly $16.6 million went there this year. That screams structured OTC arrangement, not panic selling. These guys know what they're doing.

The catch? Bhutan pledged up to 10,000 BTC for their Gelephu Mindfulness City project back in December when it was worth $860 million. Now they hold fewer than 4,500 coins. The math doesn't work anymore. At current prices around $74K, their remaining stack is worth about $315 million - hit hard by both the selling and BTC's price drop from $119K.

Even with Bhutan news about their hydroelectric mining giving them near-zero cost basis on these coins, the drawdown is aggressive. Every coin sold is pure profit for their economy, but they're burning through reserves fast. Curious to see if they pause or keep accelerating.