Bhutan Transfers $22M in Bitcoin Amid Market Downturn

In brief

• Bhutan transferred $22.4 million in Bitcoin over the past week, with transactions sent to Singapore-based market maker QCP Capital.
• The outflows included 184.03 BTC worth $14.09 million on Wednesday and 100.82 BTC valued at $8.31 million five days earlier, according to Arkham Intelligence.
• Analysts suggest the transactions may involve structured products rather than outright selling, as the amounts are smaller than Bhutan’s typical $50 million liquidation tranches.