Bhutan has sold a part of its BTC stash again, and the pace is accelerating.

The Royal Government of Bhutan moved 519.707 BTC worth $36.75 million on Wednesday to an external address, according to Arkham Intelligence data. The transfer continues a drawdown that has intensified sharply over the past two weeks, with approximately $152 million in total outflows in 2026 alone.

The week before Wednesday’s move was the most active period in the kingdom’s bitcoin history. Arkham’s outflow data shows a cluster of transfers totaling roughly $72 million in a single week, headlined by a 595.848 BTC transfer worth $44.44 million, the largest single move of the year.

That was followed by 205.53 BTC ($15.14 million) and 150.047 BTC ($11.14 million) sent to external addresses, plus 20.506 BTC ($1.52 million) to QCP Capital’s merchant deposit address.

In January, Bhutan moved 184 BTC ($14.09 million) to an external wallet, sent 100.818 BTC ($8.31 million) to QCP Capital, and transferred $1.5 million in USDT to a Binance hot wallet. In February, another 100 BTC ($6.77 million) went to QCP. Two weeks ago, 175 BTC ($11.85 million) went out. Then last week’s $72 million burst. Then Wednesday’s $36.75 million.

The pattern shifted from $5-15 million clips in January and February to $35-45 million transfers in March.

QCP Capital has been the most consistent counterparty, receiving three separate transfers totaling roughly $16.6 million this year. The Singapore-based trading firm’s repeated appearance as a destination suggests an OTC relationship for structured selling rather than ad hoc liquidations.

Bhutan’s stack peaked at roughly 13,000 BTC in late 2024, built over several years through state-backed hydroelectric mining where the cost basis is effectively zero.

Every coin sold is profit for the country, whose economy depends heavily on hydroelectric exports to India.

The drawdown began after October 2024 and has been steep. Current holdings sit at 4,453 BTC worth $315 million, a 66% reduction in coins from peak. The Arkham balance chart shows the portfolio value peaked near $1.88 billion and now sits at $315 million, hit on both sides by the selling and bitcoin’s decline from $119,000 to $70,000.

In December, Bhutan unveiled a Bitcoin Development Pledge committing up to 10,000 BTC to fund Gelephu Mindfulness City. At the time that was worth roughly $860 million. The government now holds fewer than 4,500 coins. The pledge in its original form is mathematically impossible to fulfill without reversing the drawdown entirely.

CoinDesk has reached out to Druk Holding & Investments, the government’s commercial arm, for comment on the recent transfers and whether the Gelephu commitment remains active.

The XRP token is trading in one of its tightest ranges in months, and these quiet phases often don’t last. With price sitting just above $1.40 after a failed bounce, traders are watching closely for the next big move.

News Background

• XRP volatility has dropped to its lowest level since January, a setup that historically precedes sharp moves.
• A recent attempt to push above $1.43 failed, with sellers stepping in aggressively on higher volume.
• Regulatory clarity and rising institutional interest continue to build in the background, even as price action stays muted.

Price Action Summary

• XRP slipped slightly to around $1.40 after trading in a narrow ~$0.03 range
• Rejection near $1.43 capped upside
• Support around $1.40-$1.405 is now being tested repeatedly
• Late-session selling pushed price below short-term support before stabilizing

Technical Analysis

• XRP is in a classic “compression” phase — price is tightening, volatility is low, and a breakout is likely coming.
• The short-term structure is weakening, with failed attempts to reclaim $1.41 and sellers controlling rallies.
• However, buyers are still defending the $1.40 area, keeping the range intact for now.
• This creates a pressure build-up where the next move could be sharp once support or resistance breaks.

What traders should watch

• If $1.40 holds, XRP could bounce back toward $1.43 and potentially $1.45
• A clean break below $1.40 opens downside toward $1.35
• The key signal will be volume — whichever side breaks with strong participation likely sets the next trend

The Reserve Bank of Australia is putting its support behind the real-world asset tokenization sector, citing recent analysis that it could contribute 24 billion Australian dollars ($16.7 billion) to the economy per year.  

Australia’s central bank assistant governor Brad Jones shared findings from Project Acacia on Wednesday, commenting that tokenized finance and related infrastructure upgrades will be “revolutionary,” according to advocates. 

He said that potential gains for the Australian economy from RWA tokenization were on the order of $16.7 billion per year, “and larger still if new markets emerged.” 

“First, we no longer see the main question as whether tokenization has a future in Australia’s financial system, but rather, how.”

Global consulting firm McKinsey & Company has forecasted that the value of tokenized assets could hit nearly $2 trillion by 2030. The head of Australia’s securities regulator, Joe Longo, in November urged the country to “seize the opportunity” or be left behind. 

Project Acacia is the RBA’s collaborative research project run with the Digital Finance Cooperative Research Centre and industry groups.

It was built on a previous central bank digital currency pilot and explored whether tokenized assets could improve the functioning of Australia’s wholesale financial markets.

New digital finance sandbox to be explored 

Jones said the RBA will partner with agencies and industry groups to explore a “new digital financial market infrastructure (DFMI) sandbox.”

He added that this could allow industry and policymakers to build on the learnings from Project Acacia.

Related: Major Australian pension fund mulls crypto offerings amid growing demand

It could also “smooth the path to practical implementation by providing a safe space for the testing and scaling of tokenized money, assets, and new infrastructure in a longer-term, stage-gated environment,” he said, adding that it could be tied in with a CBDC. 

“The interaction of wholesale CBDC with bank deposit tokens and stablecoins, and the synchronisation of tokenized asset ledgers with RITS [Reserve Bank Information and Transfer System], will be particular areas of interest.” 

RWA onchain value surges 234% in a year

Jones concluded that ensuring Australia’s payments, monetary and financial infrastructure arrangements are “fit for purpose” in the digital age is a “strategic priority for the RBA.”

The total RWA market onchain value hit a record high of $27.5 billion last week, excluding stablecoins, according to RWA.xyz. The sector has seen huge growth, surging by 234% over the past 12 months despite the broader crypto asset bear market. 

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