• Concerns about the treasury strategy of Bhutan rose after it transferred 160 ETH to QCP Capital. 
• Increasing institutional Ethereum acquisition provides a new meaning to the recent actions of Bhutan. 
• Analysts doubt whether Bhutan is liquidating or making changes to its long-term Ethereum exposure. 

The Royal Government of Bhutan transferred 160.35 Ethereum (ETH) to QCP Capital. This transaction has renewed conversation about the nation’s growing blockchain involvement. The transfer will be worth approximately $483,000 if the transferred ETH is priced at its current value.  

Ethereum Moves by Bhutan Raise Treasury Concerns  

This move comes shortly after Bhutan moved 320 ETH to Figment to stake in ETH2.0, which indicates it is actively repositioning its crypto treasury. This differs from the QCP Capital transfer because it is not similar to a staking action. Rather, the QCP transfer suggests a possible liquidity management or some over-the-counter activity.  

The tracking labels from the Arkham platform prove that the 160 ETH came out of a wallet associated with the government. QCP Capital has a reputation of rendering institutional block trade services. This lends more credence to the fact that the transaction may be for liquidity purposes. 

Analysts now argue whether Bhutan is generating new liquidity for domestic planning or whether it is responding to its exposure to Ethereum. The absence of any comment from the government on the issue leads to more unanswered questions, particularly due to the rising velocity of movement.  

Bhutan’s crypto activity is catching the eyes of crypto holders since it is one of the few countries that has visible on-chain activity. The government used to mine Bitcoins and held Ethereum during various cycles within the market.  

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Institutional Activity Reframes Bhutan’s Moves 

These new transactions revive discussion about how Bhutan treats digital assets inside its treasury strategy. The transfer to QCP Capital is especially notable because it involves a counterparty that specializes in large private deals and structured trading products.

The timing also fuels speculation because Bhutan increased its activity during a period of strong institutional interest in Ethereum. Market watchers now wait for follow-up movements. They want to know if Bhutan is planning multiple strategic shifts or one internal adjustment.

Bhutan’s latest activity also appears during a period of rising accumulation by major ETH holders. New data shows BitMine purchased 14,618 ETH worth $44.34 million, according to Arkham information cited by Lookonchain.

Before its latest purchase, the company purchased $200 million in ETH. Currently, it has in excess of 3.6 million ETH, which is approximately 3% of the total ETH supply.  

BitMine Chair Tom Lee stated that the ETH price would be between $7,000 and $9,000 by January 2026. He made the statement while speaking during a recent podcast interview.

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