Bhutan is quietly advancing a large-scale sale of Bitcoin. The country, which once held 13,000 BTC, has relinquished 70% over the past 18 months, reducing its current holdings to approximately 3,954 BTC. Yesterday, 319.7 BTC were also moved from a wallet, with 250 BTC sent to an address previously used for sales.

It is highly likely that Bhutan's mining operations are no longer active. According to data from Arkham Intelligence, there has been no record of inflows to the country's holding addresses for over a year. The government, which once mined Bitcoin using hydroelectric power, is now simply consuming its accumulated assets. Since there has been no official comment from Druk Holding and Investments, details of the mining operations remain unknown.

Interestingly, Bhutan's selling strategy is the complete opposite of other major holders. While the Strategy has bought an additional 4,871 BTC just last weekend, the Ethereum Foundation has been strengthening staking, and U.S. spot ETFs continue to buy, Bhutan is accelerating liquidity. The economic reasons are clear. With Bitcoin difficulty reaching all-time highs and block rewards halving to 3.125 BTC after the halving, small-scale national mining has become unprofitable. The country's hydroelectric power is now likely more profitable when sold to India.

Bhutan is effectively ending its sovereign-level Bitcoin experiment. The remaining 3,954 BTC is less than what Strategy typically purchases in a week. The once pioneering effort is quietly coming to a close in the face of market realities.