The Royal Government of Bhutan has sold a portion of its bitcoin stash, with a total of 519.707 BTC worth $36.75 million moved to an external address. This move follows a sharp increase in the country's overall drawdown, with approximately $152 million in total outflows predicted for 2026. The week leading up to this move was the most active period in Bhutan's bitcoin history, with several transfers totalling roughly $72 million. QCP Capital has been the most consistent counterparty this year, receiving three separate transfers totaling roughly $16.6 million. The country's current holdings, which peaked at around 13,000 BTC in late 2024, are now worth $315 million.