Bhutan's Bitcoin holdings have dropped from roughly 13,000 BTC to an estimated 3,000-4,000 BTC as the kingdom steadily liquidates its hydropower-mined crypto reservesThe Royal Government of Bhutan just moved another 434.87 Bitcoin, worth approximately $27.93 million, off its books. The transfer marks the end of a month-long pause in outflows and continues a selling pattern that has quietly turned one of the world’s most unlikely sovereign Bitcoin holders into one of its most consistent sellers. Bhutan’s crypto treasury, managed through its sovereign investment arm Druk Holding and Investments (DHI), once held more than 13,000 BTC. The kingdom built its holdings through state-run Bitcoin mining operations powered by its abundant hydroelectric resources. Traders watching sovereign wallet activity should note that Bhutan’s sales haven’t been opportunistic.