I noticed that only Bhutan has been moving its bitcoins quite a bit in recent months. Just in February, they transferred about US$ 30.7 million in BTC and USDT, and now in early April, another US$ 11.85 million has been withdrawn. In total, it's already around US$ 42.5 million in 2026. Most of it goes to QCP Capital or trading wallets, which suggests it's not panic selling but rather a planned strategy.

What stands out most is the size of the drop. The country's btxc reserve reached 13,000 BTC at the end of 2024, and now it's around 5,400. That's a 58% reduction in quantity. Considering the price fell from US$ 119,000 to the current US$ 72,930, that position, which was worth over US$ 1.5 billion, is now valued at about US$ 374 million. That's a significant decline indeed.

The interesting part is that Bhutan mined everything with hydroelectric power, so the cost was practically zero. Unlike governments that bought on the market, each sale is pure profit for them. It seems to be a planned withdrawal from the treasury, not something forced. But the question remains: why are they selling everything so quickly now?