The Royal Authorities of Bhutan transferred 100 Bitcoin price $6.77 million to QCP Capital’s WBTC service provider deposit tackle (bc1qt) on Thursday. Though the motive of the transaction stays unknown, it means that the federal government is taking actionable steps to promote a few of its Bitcoin holdings.
On Thursday, the Royal Authorities of Bhutan transferred 100 Bitcoins, price $6.77 million, to a WBTC service provider deposit tackle (bc1qt). The transaction extends the federal government’s $BTC sell-off because it manages its crypto portfolio.
Authorities of Bhutan transfers 100BTC to QCP, onchain information reveals
The Royal Authorities of Bhutan despatched 100 $BTC price $6.77M to QCP Capitalhttps://t.co/q4dW3qJBT5 pic.twitter.com/73yBiNght0
— Onchain Lens (@OnchainLens) February 12, 2026
The transaction suggests the federal government is actively managing its cryptocurrency holdings, probably participating in liquidity administration or making ready for gross sales into liquid markets. The transaction doesn’t verify an outright sale. Nonetheless, the motion of serious $BTC quantities to institutional market makers like QCP Capital signifies strategic monetary exercise, probably in response to falling Bitcoin costs and miner capitulation.
Onchain information reveals that the federal government’s crypto portfolio is valued at $381.56 million, with nearly all of its holdings being Bitcoin. The federal government holds Bitcoin price $381.51 million, with Ethereum accounting for $49.56k and being its second-largest crypto holding.
Many nations purchase Bitcoin by seizures linked to legal exercise. Nonetheless, Bhutan is among the many few nations which have taken a special strategy to its cryptocurrency holdings. The nation has primarily acquired Bitcoin by state-sponsored crypto mining, with operations commencing in 2019. The nation’s mining operations use renewable hydroelectric energy as an eco-friendly power supply.
Bitcoin’s current worth decline has not favoured mining actions. A earlier Cryptopolitan protection reported that Bitcoin’s current worth decline under $70k triggered miner capitulation. In line with the report, Bitcoin was buying and selling about 20% under its estimated manufacturing price, placing intense stress on mining operations.
In line with information from Checkonchain, the common price to supply one bitcoin on the time of reporting was round $87,000. The info at the moment reveals that Bitcoin continues to be buying and selling under its manufacturing worth. The problem regression mannequin or estimated common manufacturing worth at the moment sits at $79.253K.
The $BTC worth dip has compelled miners into uncharted territory, as they capitulate to stay afloat amid unprofitability at present costs. Most Antminer S21-series machines have shut down, and miners at the moment are compelled to promote their crypto holdings to cowl working bills and power prices whereas servicing current debt. The extreme stress on Bitcoin mining could possibly be the inspiration behind the federal government’s current $BTC transfers.
Establishments exert extra promoting stress on $BTC as costs stay under $70K
Supply: Arkham Current $BTC transactions by the Royal Authorities of Bhutan
The info from Arkham Intelligence additionally reveals that the Royal Authorities of Bhutan initiated an analogous transaction involving 100 Bitcoin, price $8.31 million, to the identical QCP service provider tackle two weeks in the past. The federal government additionally transferred $1.5 million in USDT to Binance’s Sizzling pockets.
The Royal Authorities’s extension of the Bitcoin sell-off aligns with intense promoting stress from institutional-grade traders. In line with information from SosoValue, establishments drew $276.30 million from US spot exchange-traded funds on February 11. These funds nonetheless maintain a considerable quantity of Bitcoin, equal to $5.76 billion or 6.35% of the asset’s whole market capitalization.
Bitcoin has been underneath intense promoting stress for the reason that begin of the yr. The crypto asset is at the moment buying and selling at $67,186, after briefly touching $60,074 on Friday final week. In line with CoinMarketCap information, the crypto asset is down greater than 30% from its $97,860 excessive this yr and has declined by greater than 23% YTD. Bitcoin’s present worth is almost 50% under its all-time excessive of $126,198, recorded on October 6 final yr. Consultants from 10X Analysis reported that Bitcoin’s present downtrend might proceed, as traders are usually not but totally positioned to reverse it.
