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Bhutan’s Bitcoin sales enter third straight week with $6.7M BTC offload

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Bhutan’s Bitcoin sales enter third straight week with $6.7M BTC offload - 1

Bhutan has sold another 100 Bitcoin worth approximately $6.7 million, according to blockchain analytics platform Arkham Intelligence, which flagged the transaction in a recent post.

Summary

  • Bhutan sold another 100 BTC worth about $6.7 million, marking its third consecutive week of Bitcoin transfers, according to Arkham Intelligence.
  • On-chain data shows structured, repeated deposits to a QCP-linked WBTC merchant address, suggesting gradual treasury management rather than a single large liquidation.
  • Despite ongoing sales, Bhutan still holds roughly 5,600 BTC valued at around $372 million, keeping it among the largest sovereign Bitcoin holders.

On-chain data shared by Arkham shows the transfer occurred roughly 16 hours prior to the alert, with 100 Bitcoin (BTC) moved from wallets labeled as belonging to the Royal Government of Bhutan to an external address identified as a QCP-linked WBTC merchant deposit.

The transaction is part of what Arkham describes as three consecutive weeks of Bitcoin selling activity.

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Bhutan’s weekly Bitcoin selling activity continues

The data indicates Bhutan has been gradually offloading Bitcoin in recent weeks.

Transaction history visible in Arkham’s dashboard shows multiple BTC transfers over recent weeks, including movements of 184 BTC and 100 BTC batches. The consistent pattern of deposits suggests structured selling rather than a single large liquidation.

Bhutan’s Bitcoin sales enter third straight week with $6.7M BTC offload - 1
Bhutan’s Bitcoin recent transfers | Source: Arkham

Moreover, Arkham previously reported that the country sold at least $100 million worth of BTC in September 2025, and the latest transaction suggests that the selling strategy is ongoing.

Bitcoin mining slows down after halving

Bhutan’s Bitcoin reserves are largely tied to its state-backed mining operations. The country had announced plans to scale its mining capacity to up to 600 megawatts in partnership with Bitdeer Technologies.

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However, Arkham noted that on-chain mining inflows appear to have slowed following Bitcoin’s April 2024 halving event, which reduced block rewards and increased pressure on mining profitability.

The slowdown may be contributing to Bhutan’s gradual treasury sales.

Despite recent sales, Arkham data shows Bhutan still holds approximately 5,600 BTC, valued at around $372 million, across identified wallets. The holdings position Bhutan among the more significant sovereign Bitcoin holders globally.

Bhutan’s Bitcoin sales enter third straight week with $6.7M BTC offload - 2
Bhutan’s Bitcoin holdings | Source: Arkham

While the transfers do not necessarily confirm immediate market selling, repeated exchange-linked deposits often signal liquidity preparation. Market participants will likely monitor whether Bhutan’s weekly BTC movements continue in the coming weeks.

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Crypto World

Curve Finance Warns PancakeSwap About Licensing Violation

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Decentralized Exchange, DeFi, PancakeSwap, Curve Finance

The team behind the Curve Finance decentralized finance (DeFi) platform accused the PancakeSwap decentralized exchange (DEX) of using its code without the proper licensing.

The code is tied to the “StableSwap” feature used for swapping stablecoins and “tightly-pegged” assets on PancakeSwap Infinity, the latest version of the PancakeSwap DEX.

“If you want to enjoy using stableswap without legal problems and to borrow some of our expertise to keep users SAFU, you still can contact us for licensing and collaboration,” the Curve team said on X.

Decentralized Exchange, DeFi, PancakeSwap, Curve Finance
Source: Curve Finance

In a separate post, Curve said “deep stableswap expertise” is needed to safely integrate swap features, and cited the 2022 hack of the Saddle Finance DEX and the $116 million hack of DeFi protocol Balancer in 2025 as examples of swap-based code exploits.

The PancakeSwap team said it would reach out to Curve Finance to discuss the issue. “Indeed, better to be friends and build together,” the Curve team responded.

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Cointelegraph reached out to both teams but did not receive a response by the time of publication.

The incident highlights the potential cybersecurity and legal issues that arise in decentralized finance as projects and protocols continue to iterate on products and expand features.

Related: Curve founder says DeFi must ditch token emissions for real revenue

PancakeSwap Infinity launches and goes cross-chain

PancakeSwap Infinity launched on the Arbitrum network and BNB Chain in April 2025, following the integration of one-click, cross-chain swaps that allow users to move digital assets between blockchain protocols.

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The updated DEX introduced “hooks,” smart contract plug-ins that customize parameters for liquidity pools, including dynamic fee structuring, tailored rebates and onchain limit orders that execute when preset conditions are met.

Decentralized Exchange, DeFi, PancakeSwap, Curve Finance
Different types of liquidity pools on PancakeSwap Infinity. Source: PancakeSwap

The upgrade also lowered pool creation fees by up to 99% and was built to accommodate different liquidity strategies, according to PancakeSwap.

In July 2025, PancakeSwap Infinity launched on Base, an Ethereum layer-2 (L2) scaling network, and touted up to 50% cheaper trading fees when Ether (ETH), the native token of the Ethereum layer-1 blockchain network, was traded against ERC-20 tokens.

ERC-20 is the token standard for most assets minted on Ethereum, including the gas and governance tokens of Ethereum L2s, memecoins, and other projects issuing tokens on Ethereum.

Magazine: MakerDAO’s plan to bring back ‘DeFi summer’ — Rune Christensen

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