Bhutan’s Bitcoin Holdings Fall to 518 BTC from 13,000

The scale of the drawdown, not the remaining balance, is the story: a national reserve shrinking this sharply suggests Bhutan's bitcoin position was far more liquid and actively managed than the "hold" framing around El Salvador implied. That distinction matters for how state-level bitcoin treasuries are read — as strategic reserves or as tradable positions. Whether other sovereign holders show similar reductions, and what Bhutan discloses about the timing and purpose of the sales, is the open question worth watching.