I noticed an interesting movement on the chain — it seems Bhutan is systematically selling off its Bitcoin reserves. Over the past few months, the country has withdrawn approximately $42.5 million in BTC and USDT through several consistent counterparties. Data from Arkham Intelligence shows a clear pattern: in February, there were several large transfers, including sends to addresses of the trading firm QCP Capital totaling about 200 BTC, plus another $11.85 million transferred that week. This is clearly not panic selling — rather, a planned reduction.

The most interesting part of Bhutan’s story is that its reserve peaked at around 13,000 BTC in late 2024, and now has fallen to 5,400 BTC — which is 58% of the original amount. The country accumulated Bitcoin over the years thanks to excess hydroelectric power, so the cost of mining was nearly zero. Each sale was pure profit. A position that was worth over $1.5 billion at its peak is now valued at approximately $374 million, even though BTC price is currently around $72.86k.

The operations are managed by the state-owned company DHI. Transfers are made in similar volumes without any obvious correlation to price movements — more like a treasury executing a planned cost reduction rather than panic selling. In December, Bhutan announced plans to use up to 10,000 BTC to fund a special economic zone, so current sales could be part of a broader reserve management strategy.

At the same time, I noticed that the WLFI token dropped 8.91% to its lowest point since launch, after the crypto-related enterprise defended a controversial lending strategy on the Dolomite platform. Interesting times in crypto.