Bhutan’s sovereign fund maintains a 1.15 Aave loan health ratio and recently moved over $8 million in Bitcoin to QCP Capital amid market and regulatory pressures.
Bhutan’s Druk Holdings continues to face a strained position on its $200 million USDT loan backed by stETH, maintaining a 1.15 health ratio. The sovereign wealth fund experienced approximately a 15% unrealized loss on 116,560 stETH acquired after leveraging ETH in mid-January 2025. On-chain data also shows the Bhutanese government transferred 100.82 BTC worth $8.31 million to Singapore-based trading firm QCP Capital. Meanwhile, Bitcoin’s market capitalization fell to 12th globally. Regulatory concerns surfaced as Hong Kong’s SFC flagged suspicious trading platforms, and Binance announced the launch of new stock perpetual contracts.