Druk Holding & Investments has sold more than $110 million of Bitcoin year-to-date, including a 973 BTC (~$72.3M) transfer on March 17–18 routed partly through QCP Capital and Binance. Bhutan’s holdings fell from about 13,000 BTC at peak to roughly 5,400 BTC (~$374M), a ~65% reduction. On-chain data show no inflows over $100k in more than a year, suggesting mining receipts have largely stopped. Sales have been methodical—typically $5–10M clips—with occasional larger tranches, creating a recurring sovereign-selling overhang that analysts say may pressure Bitcoin amid fragile macro sentiment and weaker ETF flows; cited reasons include the 2024 halving, rising costs, and competing hydropower demand.

The fund has executed >$110M of BTC sales in 2026 (including a 973 BTC/~$72.3M transfer on Mar 17–18 via QCP/Binance) and its holdings dropped from ~13,000 BTC to ~5,400 BTC (~65%). Sales are repeated $5–10M clips with occasional larger tranches and on-chain data show no inflows >$100k in >1 year — together these facts create a recurring sovereign-selling overhang that can weigh on price, especially amid fragile macro conditions and weaker ETF flows.