I noticed an interesting point — the authorities of Bhutan continue to actively divest their Bitcoin reserves. Last week, they moved nearly 320 BTC, which most likely indicates a sale. According to Arkham Intelligence data, since reaching their peak holdings, Bhutan has already offloaded almost 70% of their reserves. They previously held about 13,000 coins, and now only around 4,000 remain.

The most interesting thing is that Bhutan mainly accumulated these Bitcoins through mining, not confiscation. And now, the state investment fund Druk Holding and Investments Ltd. is actively selling them. Since the beginning of this year alone, they have withdrawn Bitcoin worth over $200 million, with most of it going to unknown wallets — clearly indicating sales rather than transfers between accounts.

The largest sale was in September of last year — they sold 3,600 BTC at once. Bhutan has evidently decided to monetize its reserves, even though the country still promotes cryptocurrency initiatives. An interesting strategy — on one hand, actively divesting from Bitcoin, and on the other, attracting digital nomads to the country. It seems priorities have shifted toward cash acquisition.