I just noticed an interesting pattern in Bhutan's Bitcoin activity. The country keeps transferring its BTC reserves to exchanges at an increasing rate. This year alone, it has already reached $152 million in outflows, with the largest transfer last week amounting to $44 million.

What’s most intriguing is the change in pattern. In January-February, transfers were small, around $5-15 million. But since March, Bhutan has started moving much larger amounts, up to $35-45 million per transaction. This isn’t random liquidation, but a structured relationship with trading firms based in Singapore.

Their reserves have dropped drastically from 13,000 BTC at the end of 2024 to just 4,453 BTC now. That’s a 66% decrease in four months. Considering they once promised to allocate 10,000 BTC for the Gelephu Mindfulness City project, the current figure clearly doesn’t meet that commitment. With BTC now at $71K, every transaction they make is truly significant for their economy.