According to @OnchainLens, the Royal Government of Bhutan transferred 175.44 ETH, valued around USD 497,000 at the time, to another wallet, with the destination labeled as likely linked to QCP Capital by Arkham Intelligence (source: Onchain Lens on X https://x.com/OnchainLens/status/1995414396626141529; Arkham Intelligence entity Druk Holding and Investments https://intel.arkm.com/explorer/entity/druk-holding-investments). For traders, tracking subsequent transactions from the receiving address and other Arkham-labeled related wallets can provide visibility into near-term ETH on-chain flows following this transfer (source: Arkham Intelligence address and entity pages https://intel.arkm.com/explorer/entity/druk-holding-investments; Onchain Lens on X https://x.com/OnchainLens/status/1995414396626141529).

According to @OnchainLens, an on-chain wallet attributed via Arkham Intelligence to Bhutan’s Royal Government transferred 160.35 ETH (about $483,000) to QCP Capital, with the author noting that more deposits are likely to follow (source: @OnchainLens X post; Arkham Intelligence Druk Holding & Investments entity page). The author raises but does not confirm whether this represents OTC selling or another treasury action, leaving the transaction purpose unverified (source: @OnchainLens X post). Traders can verify subsequent flows by monitoring the Arkham Intelligence entity page linked by the author to assess ongoing transfer cadence (source: Arkham Intelligence entity page referenced by @OnchainLens).

According to @lookonchain, the Royal Government of Bhutan staked 320 ETH worth about $971,000 roughly 2 hours ago, with the transaction attributed to the Arkham Intelligence–labeled entity Druk Holding Investments (sources: Lookonchain post dated Nov 27, 2025; Arkham Intelligence entity page for Druk Holding Investments). Traders can monitor this labeled wallet on Arkham Intelligence for any subsequent ETH staking or transfers to inform on-chain flow tracking (source: Arkham Intelligence entity page for Druk Holding Investments).

According to @OnchainLens, the Royal Government of Bhutan transferred 320 ETH, approximately USD 920,800, to stake on Ethereum using Figment infrastructure; source: Onchain Lens. Arkham Intelligence’s entity page for Druk Holding and Investments shows addresses linked to the Bhutan government and corroborates the 320 ETH staking-related transfer; source: Arkham Intelligence. The 320 ETH equates to 10 validators because Ethereum requires 32 ETH per validator for activation; source: Ethereum.org Staking. Traders can track validator count and staking inflows to assess ETH supply dynamics using on-chain dashboards such as Beaconcha.in; source: Beaconcha.in.