The Royal Government of Bhutan recently moved 100 Bitcoins, valued at approximately $6.77 million, to a WBTC merchant deposit address managed by QCP Capital (bc1qt) on Thursday. While the exact purpose behind this transfer remains unclear, it strongly indicates that the government is actively taking measures to liquidate part of its Bitcoin reserves.
On that same day, Bhutan’s authorities executed a transaction involving 100 Bitcoins worth $6.77 million directed toward QCP Capital’s WBTC merchant wallet (bc1qt). This move continues the government’s ongoing strategy of adjusting its Bitcoin holdings amid fluctuating market conditions.
Onchain Records Confirm Bhutan’s Transfer of 100 BTC to QCP
The Royal Government of Bhutan dispatched 100 BTC valued at $6.77M to QCP Capital https://t.co/q4dW3qJBT5 pic.twitter.com/73yBiNght0
— Onchain Lens (@OnchainLens) February 12, 2026
This transaction suggests active portfolio management by the government in their cryptocurrency assets — possibly for liquidity purposes or preparation for selling within more liquid markets. Although it does not definitively confirm an outright sale yet, transferring such a substantial amount of Bitcoin to institutional market makers like QCP Capital signals strategic financial maneuvers likely influenced by recent price declines and miner capitulation events.
According to on-chain analytics data, Bhutan’s crypto portfolio currently holds an estimated value around $381.56 million with Bitcoin comprising nearly all these assets — specifically about $381.51 million in BTC and roughly $49,560 in Ethereum as their second-largest holding.
Unlike many nations which accumulate seized cryptocurrencies from criminal cases, Bhutan has taken a unique approach: acquiring most of its Bitcoin through state-backed mining operations initiated back in 2019. These mining activities leverage renewable hydroelectric power sources aligning with eco-friendly energy practices.
The recent downturn in Bitcoin prices has adversely impacted mining profitability worldwide. Previous reports highlighted how prices falling below the $70K mark triggered widespread miner capitulation since current trading values were roughly 20% beneath estimated production costs — creating significant operational strain for miners.
Data from Checkonchain reveals that producing one bitcoin currently costs around $87,000 on average; meanwhile market prices remain below this threshold with difficulty-adjusted estimates placing production cost near $79,253 per coin at present.
This persistent price slump has pushed miners into challenging circumstances forcing many Antminer S21-series devices offline as operators sell off holdings just to cover running expenses and repay debts accrued during profitable periods before price drops hit hard—possibly motivating governmental transfers observed recently involving large-scale BTC movements.
Institutional Selling Pressure Mounts as $BTC Prices Stay Underneath $70K
Source: Arkham Intelligence – Recent $BTC Transfers by The Royal Government Of Bhutan
A review from Arkham Intelligence further shows that two weeks prior to this latest activity; the Royal Government also transferred another batch of 100 Bitcoins worth approximately $8.31 million into the same QCP merchant wallet address along with sending USDT tokens totaling about $1.5 million directly into Binance’s hot wallet system.
This continued divestment aligns closely with broader institutional selling trends affecting digital asset markets right now — data compiled by SosoValue highlights institutions withdrawing over $276 million from U.S.-based spot exchange-traded funds just days earlier on February 11th while still retaining substantial holdings equivalent to nearly $5.76 billion or about 6.35% share relative to total market capitalization across all assets tracked within these ETFs alone.
The downward pressure exerted upon Bitcoin since early January remains intense; after briefly dipping under USD60k last week Friday it currently trades near USD67k levels according CoinMarketCap statistics representing losses exceeding thirty percent compared against highs above ninety-seven thousand dollars earlier this year plus more than twenty-three percent decline year-to-date overall.
Moreover, $BTC’s 's historic peak stands close $126198, recorded October sixth last year.
Experts affiliated with 10X Research caution investors might face extended bearish momentum ahead given current sentiment hasn’t fully shifted towards recovery phases yet.p