Bhutan is Selling Bitcoin at the Top?

Bhutan just moved 212 BTC (~$23M) to Binance — just days after sending $14M, and months after a $33M transfer near Bitcoin’s all-time high.

This isn’t random. On-chain data shows a clear pattern: Bhutan might be selling BTC at market tops while holding the rest. Smart treasury play... or signs of a bigger exit?

Is this a warning sign for the bulls — or just profit-taking by a nation that mined early?