Did you stop telling the Bhutan Bitcoin story because you thought Bhutan had sold most of their Bitcoin? You shouldn't! Because: 1. Bhutan disputes that the 2025–26 sales happened at all 2. It looks like that story was only based on reconcilliations based on wallet transactions (far from a robust method, as there can be many reasons for wallet transfer, as El Salvador's case has already demonstrated) 3. Last official word from Bhutan was Dec 2025 when they said they would use their Bitcoin reserve as collateral to build a Mindfulness City, while explicitly ruling out selling reserves. What the on-chain record shows: holdings tracked by Arkham fell from ~13,000 BTC (Oct 2024) to ~3,100–3,954 BTC by April–May 2026, with over $1 billion moved out since mid-2025 to wallets associated with Galaxy Digital and OKX (CoinDesk, Apr 11). Every "sold 70%" headline is built on this wallet data alone, not on any Bhutanese disclosure. What Bhutan says: DHI's CEO Ujjwal Deep Dahal told CoinDesk in May, "I don't recall the last time we sold any BTC," and a source at one receiving trading firm also said "no recent sales took place" (CoinDesk, May 16). CoinDesk's own data relies on suggested reconciliations: custody transfers, collateral posting, lending, or OTC deals structured (ie: all something other than spot sales).(Daniel Batten)