The Royal Government of Bhutan moved 519.707 BTC (~$36.75M) to an external address, continuing a 2026 drawdown that totals roughly $152M. Holdings have fallen from near 13,000 BTC in late 2024 to about 4,453 BTC (a 66% reduction). Repeated destinations to QCP Capital (about $16.6M received this year) and frequent $35–45M transfers suggest structured OTC selling. Bhutan’s earlier pledge of up to 10,000 BTC for Gelephu Mindfulness City is now infeasible without reversing the sell-off.

Negative: the government moved 519.707 BTC (~$36.75M) as part of roughly $152M of outflows in 2026, reducing holdings from ~13,000 BTC to ~4,453 BTC (66% reduction). Arkham data shows repeated destinations to QCP Capital (~$16.6M received) and frequent $35–45M transfers, indicating sustained selling pressure — facts that justify a bearish sentiment and material short-term market impact.