The Himalayan kingdom of Bhutan just made another notable on-chain move.

According to on-chain analytics account @OnchainLens, the Royal Government of Bhutan transferred 175.44 ETH – worth about $497,000 – to a wallet likely associated with major Asian OTC desk QCP Capital.

<Image src="https://pbs.twimg.com/media/G7Ei0d0a8AAxUKJ.jpg" alt="Arkham Intelligence dashboard showing recent transfers from Royal Government of Bhutan wallets, including 175 ETH outflow" width={800} height={450} } />

This comes hot on the heels of a similar transfer of 160.35 ETH (~$483K) spotted just days ago.

Pattern Emerging

These back-to-back ETH outflows have the crypto community speculating.

QCP Capital specializes in large institutional and OTC trades, exactly the kind of counterparty you'd expect if a government wants to sell without moving the market.

So, is Bhutan cashing out some Ethereum holdings via OTC?

Quick Background on Bhutan's Crypto Play

Bhutan isn't your average nation-state in crypto.

Through its sovereign investment company Druk Holding & Investments (DHI), the country has been mining Bitcoin using cheap, green hydropower for years.

At various points in 2025, reports and Arkham data have shown Bhutan holding between 6,000 and 13,000 BTC, putting them firmly in the top 10 government holders globally.

Their ETH exposure, however, has always been relatively tiny in comparison – making these targeted ETH moves stand out even more.

What Happens Next?

Possible explanations include:

• Taking profits on ETH to rotate into more BTC mining capacity
• Funding domestic projects or operational expenses
• Simple portfolio rebalancing

Whatever the motive, sovereign flows always carry extra weight in this market.

If you're into BTC accumulation mode or just trimming alt exposure, moves like this remind us that nation-states are increasingly active players in crypto.

Keep an eye on the Druk Holding & Investments entity page on Arkham Intelligence for any further activity.

More updates as this story develops.

Yes, good.

Adjust slug to match title-ish: "bhutan-government-sends-497k-eth-qcp-capital"

Or "bhutan-eth-transfer-qcp-capital-otc-sale"

But the one I have is fine.

Title has "Another $497K" to indicate it's not the first.

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Description good.

Tags 8 max, ok.

This should work.<|control12|>---
slug: "bhutan-government-eth-transfer-qcp-capital"
title: "Bhutan Government Sends Another $497K in ETH to QCP Capital – Quiet OTC Sale in Progress?"
description: "The Royal Government of Bhutan just transferred 175.44 ETH worth ~$497K to a QCP Capital-linked wallet, days after a similar $483K move. On-chain sleuths are asking: is the Himalayan kingdom cashing out its Ethereum holdings?"
cover: "https://pbs.twimg.com/media/G7Ei0d0a8AAxUKJ.jpg"
tags: "bhutan, ethereum, druk-holding, qcp-capital, otc, onchain, government-crypto, sovereign-bitcoin"

---

Bhutan's Royal Government is making waves again — this time with Ethereum.

On December 1, 2025, wallets labeled "Royal Government of Bhutan" on Arkham Intelligence sent 175.44 ETH (approximately $497,000) to an address believed to be controlled by Singapore-based institutional trading firm QCP Capital.

The transfer was first highlighted by popular on-chain analytics account @OnchainLens, who noted the receiving wallet is "likely linked to #QCP Capital."

This isn't an isolated incident.

Just three days earlier (November 28), the same Bhutan entity moved 160.35 ETH (~$483K) — again to what appears to be a QCP-associated address.

That's almost $1 million in ETH moved in less than a week, both times heading toward the same OTC counterparty.

Why QCP Capital?

QCP is one of the largest crypto OTC desks and market makers in Asia. When a sovereign player wants to sell size without spooking the market or causing massive slippage, QCP is exactly the kind of professional, low-profile execution partner they call.

So the market is reading this exactly as it looks: Bhutan appears to be quietly OTC selling Ethereum.

Bhutan’s Crypto Context – The Bitcoin Mining Kingdom

Most crypto natives already know Bhutan as the surprise sovereign Bitcoin powerhouse.

Through its state-owned investment arm Druk Holding & Investments (DHI)​, the country has been mining BTC with near-zero-cost hydroelectric power since at least 2021.

At different points throughout 2025, Arkham and various trackers have shown Bhutan holding anywhere from 6,154 BTC to over 13,000 BTC at peak, putting them consistently in the top 5–7 government holders worldwide.

Their Ethereum holdings, by contrast, have always been modest — which makes these repeated, targeted ETH outflows especially curious.

Possible Motivations

• Taking profits on ETH after ETH's recent rally
• Rotating capital back into Bitcoin mining expansion (they're constantly scaling hydropower rigs)
• Funding domestic projects or sovereign obligations in fiat
• General portfolio rebalancing — Bhutan has always been BTC-maximal

Whatever the exact reason, when a nation-state that mines Bitcoin for a living starts moving alts to a QCP address, people notice.

We'll be watching the Druk Holding & Investments entity on Arkham closely for any follow-up flows.

If another 100–200 ETH chunk heads out the door in the coming days, the pattern will be undeniable — Bhutan is trimming its Ethereum bag through professional OTC channels.

Stay tuned. Sovereign moves like this often precede bigger things.