Are small countries also quietly selling? Bhutan's pace of reducing its 10k BTC holdings is quite steady, it seems long-term holders are also starting to manage liquidity.

According to Arkham monitoring, the Bhutan government recently transferred 90 BTC, worth approximately $7 million, to a bc1q- SegWit address. This address is different from their long-term holding P2SH addresses starting with 3, which usually indicates BTC has been transferred to other entities. The Bhutan government regularly transfers small amounts of BTC to SegWit addresses. Since reaching a peak holding of about 13,390 BTC in October 2024, their BTC holdings have decreased by approximately 10k BTC, and they currently hold about $233 million worth of BTC.