Just noticed something interesting watching the blockchain data. Bhutan's been quietly moving bitcoin off the books pretty consistently this year. They shifted another $11.85 million worth on Monday alone, and that's on top of roughly $30 million in February. The pattern looks deliberate, not panic selling. Their stack has actually dropped from around 13,000 BTC back in late 2024 down to about 5,400 now, which is a pretty steep 58% cut. What's wild is Bhutan built this whole position basically for free using hydroelectric power for mining, so every sale is pure profit at this point. The transfers keep going to the same counterparties in similar sizes, which tells me this is planned treasury management rather than someone getting spooked by price moves. Their capital region strategy probably involves liquidity management for their new economic zones. At current prices around $72K, that 5,400 BTC remaining is worth roughly $390 million. Seems like they're being methodical about it.