I just reviewed Bhutan's movements, and it's interesting what’s happening with their Bitcoin reserve. The government has been selling consistently for months, moving around $42.5 million in BTC and USDT just in 2026 so far. The transfers are quite clear if you look at the on-chain data: 175 BTC for $11.85 million last Monday, and earlier in February, they moved nearly $30 million between QCP Capital and other destinations.

What stands out is that it doesn’t seem like panic. The pattern is too orderly, as if it’s a planned treasury reduction. They’re justified in doing so: the national reserve dropped from 13,000 BTC at the end of 2024 to around 5,400 now, a 58 percent decrease in quantity. The dollar value was hit twice—by the sales and because Bitcoin fell from $119,000 to the current $73,000.

Here’s the best part: Bhutan mined those bitcoins with surplus hydroelectric energy, so the cost was basically zero. Unlike companies that bought at market price, they have no break-even point pressuring them. Every move they make selling is pure profit. It seems they’re executing a clear liquidity management strategy, probably to fund projects like Gelephu Mindfulness City. The recurring movements to the same counterparties suggest structured OTC operations, not market reactions.