Bhutan continues its Bitcoin liquidation amid market correction

Bhutan continues to adjust its cryptocurrency portfolio by selling an additional $22.4 million worth of Bitcoin. Since entering the mining sector in 2019, this small Himalayan kingdom has established itself as an unconventional player in the crypto market, leveraging its energy resources to generate returns in digital currencies. ## A Decade of Commitment to Mining Strategy Bhutan has not merely accumulated digital assets passively. Since 2019, the country has gradually built a presence within the Bitcoin ecosystem, combining a long-term approach with opportunistic liquidity. These periodic sales reflect a thoughtful wealth management strategy rather than panic disposals. Bhutan uses mining as a mechanism for economic diversification, particularly to monetize its abundant hydroelectric power advantages. ## Market Correction and Structural Challenges The Bitcoin market is currently undergoing a major consolidation phase. After reaching its peak in October, the cryptocurrency has declined by about 40%, dropping toward $72,000. This correction has revived comparisons to the crypto winters of 2018 and 2022, fueling concerns about a potential bearish turn. However, analysts distinguish this phase from previous critical cycles. ## Signs of Differentiation from Past Cycles Unlike chaotic periods of the past, institutional adoption remains strong, and several macroeconomic indicators support the sector’s resilience. Key support levels around $74,000 and $69,000 represent significant psychological barriers. The behavior of institutional actors contrasts sharply with the fragility of retail positions observed previously, suggesting a more solid market structure. ## Outlook for Bhutan and Investors Bhutan’s sales occur in this nuanced context, where opportunity and caution coexist. While Bitcoin’s current price hovers around $65,410—far from its all-time high exceeding $126,000—these liquidations reflect a balanced strategy. Bhutan demonstrates how a state actor can navigate Bitcoin market volatility by adopting a stance that is neither purely bullish nor capitulating, but rather opportunistic and calibrated to current market conditions.