Bhutan sells $23M more Bitcoin, cutting reserves by 75% amid rising nation-state BTC holdings.

The Royal Government of Bhutan sold $23 million worth of Bitcoin this week, continuing a sell-off that has reached over $200 million in 2026 alone. Bhutan's Bitcoin reserves have dropped from a peak of 13,000 BTC in 2024 to about 3,220 BTC now, a 75% reduction. This contrasts with a 26% increase in Bitcoin holdings by other nation-states since last October. Bhutan's halt in Bitcoin inflows suggests it may have stopped mining, which it previously used hydropower to support. Despite Bhutan's sell-off, the broader Bitcoin market shows mixed signals, with spot demand contracting and futures rising, indicating potential price volatility ahead.