<b>Bhutan's Bitcoin Sell-Off Continues Amidst Market Volatility</b>

Bhutan, a small landlocked country, has been gradually selling its bitcoin holdings over the past year and a half. According to data from Arkham Intelligence, the Royal Government of Bhutan transferred approximately 319.7 BTC worth $22.68 million to two addresses on Thursday.

This transaction is part of an ongoing series of sales that have seen Bhutan's bitcoin holdings decrease by 70% in just 18 months. The country initially accumulated around 13,000 BTC through a hydropower-backed mining operation run by Druk Holding and Investments, the kingdom's sovereign wealth fund.

While other major holders are buying more bitcoin, including Strategy which purchased 4,871 BTC for $330 million last weekend, Bhutan is the only visible liquidator. It is also being questioned whether the country's mining operation has ceased, as no new supply of bitcoin has been added to its holdings in over a year.