What is really happening with Bhutan here, are they in panic mode too?

[Easteregg69]

At its peak in October 2024, Bhutan reportedly held around 13,000 BTC. Now that holding is said to be down by around 70%, which is a huge drop already.

Not fully confirmed if all of that was really sold, but some coins were moved to wallets linked to exchanges, so that’s why people are talking about it now.

What do you think is going on here? Do they expect the market to stay bearish from here, or is this just a normal move on their side and nothing more?

For me this does not look like clear panic selling yet, but it’s still something worth discussing.
...

Bhutan has been selling its bitcoin holdings from some long time, but the reason behind it no one know exactly; maybe they are selling to buy again at a lower point, or they need that sold amount of bitcoin to use or invest to boost the economy or to build the infrastructure. But I am literally reading such news and thread from so long time here and on other forums.

You can also notice one thing that there is no pressure on the bitcoin market, even though Bhutan is selling its bitcoin holding, and bitcoin is also consolidating between the price tags of 60k and 75k, which is a good thing, as such a price may be considered less volatile. And if the bitcoin price crashes below the 50k level, then in my point of view, it is a bearish zone for the bitcoin market. What do you think about it?

"I would run it to keep it under control and keep my own pride". Quote from music. Cheers!

The cleanest shit anyone ever did. A song.

The birds links to a very simple language. The fucker dance first. My life. And yours. Get it. It's about standards. (Spirit of
Nikopol).

[Lucius]

If you care about the Bhutan sale then you should be really worried that Germany sold their Bitcoin a long time ago.  You would think a country as significant as Germany would take some of the best decisions but look how that ended.  They missed out on Billions of Dollars.  There fore.

First of all, Germany did not sell anything, but one of their provinces/regions, which had to do so according to the law that exists in that country. Therefore, one cannot speak of this being a wrong decision, but only a decision that is in accordance with the law. For a country with a GDP of over $5 trillion (2025), those 50 000 BTC might mean something if 1 BTC is worth $1 million.

Does it really matter which country is holding and which is not?

Some people constantly seek confirmation that Bitcoin is worth something by comparing who has it and how much. The thing is actually a paradox, because why should anyone care that a centralized system has a decentralized currency that exists to be an alternative to it?

[Easteregg69]

"Nikopol" would the never sacrifice the past for the moment. Never going in to Eugenics. The spirit.

[Myleschetty]

At its peak in October 2024, Bhutan reportedly held around 13,000 BTC. Now that holding is said to be down by around 70%, which is a huge drop already.

Not fully confirmed if all of that was really sold, but some coins were moved to wallets linked to exchanges, so that’s why people are talking about it now.

I don't see the government acting as the exchange market maker or staking the Bitcoin there for a specific return prior to the next halving market. If athe government of a nation chooses to transfer its Bitcoin to an exchange, it should technically be counted as selling the Bitcoin.

What do you think is going on here? Do they expect the market to stay bearish from here, or is this just a normal move on their side and nothing more?
For me this does not look like clear panic selling yet, but it’s still something worth discussing.

I don't think the Bhutanese government will be unable to comprehend the fluctuations in Bitcoin prices based on their knowledge of the cryptocurrency prior to using their green energy to mine Bitcoin. I think they simply decide to sell it, just like some Bitcoin miners do, because it's something they obtain through free energy.
For this reason, I am glad for Satoshi's idea about BTC block halving; otherwise, miners will keep selling Bitcoin as they please.

[Easteregg69]

You got a password in the pocket if you got a problem?

I was not covid tested. Relies on tribe resistance. Perhaps you need a condom now or leave the fat room?

Metaphysical. Descriptive data for circumstances. For physics according to will. It's a joint.. 420. nyff explaingg. Angels is most welcome to come down since we have a gram.

I got fair lady for stand in telling me it's the best. You bring it up like it's alllready understood.

Plenty grams of hash. It's not a problem. In the same sentence. If you cant die and your done. Then what? i CAN JUST GO ON AND SEEL IT ON HERE? fUCKING CAPS. THE LOVE.

Till we get what we need. Let it fall like leaves. The grammy is up for the best pretender. It's a big fat porno hollander by now.

[YOSHIE]

For me this does not look like clear panic selling yet, but it’s still something worth discussing.

Several other sources explain that Bhutan has ambitious goals, that is the reason they are selling Bitcoin, Bhutan is not panicking, they are still the largest Bitcoin holder in the world today.

As I quoted in one source stating:

Based on the latest data up to April 2026, Bhutan is not panic selling Bitcoin (BTC), but is carrying out a structured divestment strategy (gradual sale) for liquidity needs.

Planned Selling, Not Panic: Bhutan through its state investment agency, Druk Holding & Investments (DHI), routinely moves Bitcoin to exchanges (such as QCP Capital) in small, consistent amounts, rather than instantaneous panic selling.

Purpose of Sale: Funds from the sale are expected to be used to finance ambitious infrastructure projects, including Gelephu Mindfulness City.

So this is Bhutan's strategy to utilize the liquidity of the country's treasury, without burdening other budgets, the sale is not panic selling, but a strategy to utilize Bitcoin's profits.

[Easteregg69]

For me this does not look like clear panic selling yet, but it’s still something worth discussing.

Several other sources explain that Bhutan has ambitious goals, that is the reason they are selling Bitcoin, Bhutan is not panicking, they are still the largest Bitcoin holder in the world today.

As I quoted in one source stating:

Based on the latest data up to April 2026, Bhutan is not panic selling Bitcoin (BTC), but is carrying out a structured divestment strategy (gradual sale) for liquidity needs.

Planned Selling, Not Panic: Bhutan through its state investment agency, Druk Holding & Investments (DHI), routinely moves Bitcoin to exchanges (such as QCP Capital) in small, consistent amounts, rather than instantaneous panic selling.

Purpose of Sale: Funds from the sale are expected to be used to finance ambitious infrastructure projects, including Gelephu Mindfulness City.

So this is Bhutan's strategy to utilize the liquidity of the country's treasury, without burdening other budgets, the sale is not panic selling, but a strategy to utilize Bitcoin's profits.

You stick with what is real and take it as an option. Digidollars on testnet is highly optional. It's a very clever bunch that don't pick wrong. You have looking for peace in the paaaaaast. i be pick up. It could be like you get me out of here in a hurry.

Kitchen duty. Bhutan. You can put your shoes on in the kitchen where it's hot. Old lighter gas sniffer. After we gave up on the parties. Satans honey comb. Still waiting for Jehovases to come back for a final interview.

[PrivacyG]

First of all, Germany did not sell anything, but one of their provinces/regions, which had to do so according to the law that exists in that country. Therefore, one cannot speak of this being a wrong decision, but only a decision that is in accordance with the law. For a country with a GDP of over $5 trillion (2025), those 50 000 BTC might mean something if 1 BTC is worth $1 million.

Thank you, I honestly had no idea this was the case.  The tons of discussions around the subject at the time and how media called it a 'mistake' left a print in my mind that it was a voluntary decision.

Some people constantly seek confirmation that Bitcoin is worth something by comparing who has it and how much. The thing is actually a paradox, because why should anyone care that a centralized system has a decentralized currency that exists to be an alternative to it?

Does this not have to do with what people actually see in Bitcoin?  I can not imagine a Cypherpunk being worried that a Billionaire may sell their stash of Bitcoin.  I can however see anyone who wants to just extract more Fiat out of Bitcoin being very worried though.

[Easteregg69]

Lost enemies counts for nothing if you start in the moment.

Found a niggar making a start of his presence. The last song was about if it's ok to bring angels down to eart anno later than Jesus. My new image.

"She can't dance if she can't move". Personal impression added to it.

I don't walk with Jesus and ask him to grant green lights. Nationals would be fenced. You try tell the nigger you want his office? For shutting up with pancakes on top.

[hd49728]

First of all, Germany did not sell anything, but one of their provinces/regions, which had to do so according to the law that exists in that country. Therefore, one cannot speak of this being a wrong decision, but only a decision that is in accordance with the law. For a country with a GDP of over $5 trillion (2025), those 50 000 BTC might mean something if 1 BTC is worth $1 million.

It is nearly the same in most other nations like even in the USA, Trump can not do things he want with bitcoins seized and hold currently by the USA government. In 2024, during his President propaganda, he promised to build a Bitcoin treasury for the USA but we already witnessed that he can not do that so far. He just signed an executive order to hold all seized bitcoins for the nation so far, but it can be revoked by next presidents. He has failed to build up the Bitcoin treasury by buying new bitcoin and adding them to that treasury.

German government is not the exception, they have to operate according to all existing laws in their nation.

https://www.whitehouse.gov/fact-sheets/2025/03/fact-sheet-president-donald-j-trump-establishes-the-strategic-bitcoin-reserve-and-u-s-digital-asset-stockpile/

[Easteregg69]

I use any protocol by now.

You pretend you regret this one. Sum would be you don't want to burn the paast. For inventing lamp servers and everything.

I bought ASML in the weekend. Fractional shares on computer chips. Last Friday.. You end up with some shit I don't carry. We got music?

Radish and tomatoe. Paul making wiking band of his opportunity. We got joints till we are finished with that. The Umphh. All you ever needed was love.

Your as fucked as before you went criminal buy now with a new start. Only if it makes sense. I carry a fraction.

Generations can not afford the kind of wealth I come up with. It's the frisky cheese for your momma. Taste like beers for a start. Your momma would bring it up to you. Why I bring it down.

You have no idea what an angel looks like. I sneak out a back door. Tell that angel he got music according to his work if he wants it. We got parkin cops has to bring the trices down?

You spend time in hell if you don't act up. I had to act an example. It was very stupid. You forgot what came first after that.

ASML. Chips with high wages. I don't know. On a Saturday waiting for the markets to open.

I use any protocol by now.

You pretend you regret this one. Sum would be you don't want to burn the paast. For inventing lamp servers and everything.

I bought ASML in the weekend. Fractional shares on computer chips. Last Friday.. You end up with some shit I don't carry. We got music?

Radish and tomatoe. Paul making wiking band of his opportunity. We got joints till we are finished with that. The Umphh. All you ever needed was love.

Your as fucked as before you went criminal buy now with a new start. Only if it makes sense. I carry a fraction.

Generations can not afford the kind of wealth I come up with. It's the frisky cheese for your momma. Taste like beers for a start. Your momma would bring it up to you. Why I bring it down.

You have no idea what an angel looks like. I sneak out a back door. Tell that angel he got music according to his work if he wants it. We got parkin cops has to bring the trices down?

You spend time in hell if you don't act up. I had to act an example. It was very stupid. You forgot what came first after that.

ASML. Chips with high wages. I don't know. On a Saturday waiting for the markets to open. Problem is money can't keep up with the recommandations.

Legal portion. it's on stay friends with every one. You try sell and see if you feel any speculation. It's only self inflicted. You get the idea where i am taken it at. Back to somewhere it origined of.. Immutable is till on the unproved list.

Since your President hits like shit. You know murder is illegal and you don't want to be caught red handed. "Toblerone..". It's a replica. Who cares? Ask for some shit you don't wish for to feel in.

[Zaguru12]

If you care about the Bhutan sale then you should be really worried that Germany sold their Bitcoin a long time ago.  You would think a country as significant as Germany would take some of the best decisions but look how that ended.  They missed out on Billions of Dollars.  There fore.  Does it really matter which country is holding and which is not?

Actually that issue of Germany selling bitcoin was actually debunked as News had it that it was one of there free states Saxony that was selling the coin. Also this coins were not actually bought, they were confiscated so it was actually the reason why they sold in such a hurry and at a go which is definitely different from Bhutan.

I don’t know why Bhutan actually made the decision that they made but even at that I don’t think there is need to cause any panic, every investor definitely have a profit target probably this the target for profit target for Bhutan. Because I don’t expect anyone who believe in bitcoin at an early stage to be skeptical now when the adoption is growing

[NotFuzzyWarm]

If you care about the Bhutan sale then you should be really worried that Germany sold their Bitcoin a long time ago.  You would think a country as significant as Germany would take some of the best decisions but look how that ended.  They missed out on Billions of Dollars.  There fore.  Does it really matter which country is holding and which is not?

.... Surprised you didn't mention the US selling silkroad funds. The media loves headlines but rarely give the reasons.

Fun fact: Most governments require seized assets to be periodically auctioned off & sold. Saxony and the US Marshalls were required by law to do that. Period. At the time crypto was considered just another seized asset. After Trumpolini ordered creation of a crypto reserve is when other governments saw the light and changed their laws as well to now hold crypto for later spending vs mandatory selling of it.

@OP, as for Bhutan selling, who knows why they did it and speculation about the 'why' is pointless without researching it.

[Die_empty]

I saw Binance there, so that confirms they sold a big portion of their Bitcoin. Too bad, they are not real holders, and considering they just earned that Bitcoin, they should be the ones who would not panic easily.

We cannot conclude that they are not real holders. Every investor in Bitcoin has their goals. Maybe the country has achieved the objectives of investing and they want to sell.

That’s the only thing I can see there. When they sold, it really looked like panic, because if they were really going to sell, then why not do it when Bitcoin price was still high.

Maybe they are just good at mining, but not really good when it comes to investment management. You agree?

To many of us, the government is not managing its Bitcoin portfolio properly. They are selling when the price has dropped. But what if they have an important project that needs financing. Since ther are no official statement from the governemnt or its asset managers, we can assume that they need the money for something more important.

[moneystery]

What do you think is going on here? Do they expect the market to stay bearish from here, or is this just a normal move on their side and nothing more?

Bhutan's primary purpose in mining and holding Bitcoin is to diversify its national revenues. Therefore, if they currently sell their Bitcoin holdings, it will be used to pay civil servant salaries, finance their tourism projects in southern Bhutan, and for various other purposes. So, it's no surprise that Bhutan is currently periodically selling its Bitcoin holdings, as they are also intended for national purposes.

But this makes them officially unable to fulfill their 10,000 BTC pledge for the Gelephu Mindfulness City project.

[ZAINmalik75]

Who knows? The problem is, those major exchanges operates various businesses that generate passive income. Institutional-scale holders like Buthan certainly have prior agreements with insiders. Or perhaps Buthan is secretly following in the footsteps of Mara Holding, which shifted its business strategy from mining to something else. I recall that Buthan also operates a large-scale mining farm.

I thought Bhutan was the first one to sell their Bitcoin, and Mara had just started, but upon checking, Mara sold earlier, in Q1 of 2024, while Bhutan sold in Q4 of 2024. I still do not think Bhutan is trying to follow in the footsteps of Mara, because Mara is turning into an AI data center, while there have been no such announcements from Bhutan. But I am sure they are not doing any kind of passive income business with Binance or any other major centralized exchanges where they are moving their BTC.

I am sure they are selling, and they have already sold a large amount, and they might be shifting to AI too. Everyone is shifting to AI because there were around three other companies that stopped their mining operations and turned their businesses into AI data centers.

[Dunamisx]

What way should be more concerned now is about the country themself, are they even worry about the market conditions presently, does moving their assets from one wallet to another make any difference as long as they keep holding it within their capacity, when they are not selling it, maybe little do we even know that the market will soon change as long as we are done with the current season, no matter how longer it takes, all these are nothing to worry about, because the solution lies on their holding ability.

[MinoRaiola]

They mined the coins for a small amount of fiat and now they maybe no longer trust mining. The hashrate has risen in last years, and perhaps they are not so strong as they used to be and now want to sell their coins, or use them for something else. Maybe they bought something other with them, and we just dont know about it. We dont know about the Mining in Bhutan for many years, perhaps they played a new game, and we see it in a few years.