Bhutan is liquidating its Bitcoin holdings in $50 million increments, following a profitable mining operation that began over six years ago. The country has amassed over $765 million in profits from Bitcoin mining since 2019, with a 500% return on its $120 million energy investment. The sales are intended to support the development of Gelephu Mindfulness City, a major economic project in southern Bhutan, utilizing 10,000 Bitcoin valued at approximately $420 million. This move comes as Bitcoin's price continues to decline, dropping 7% to nearly $70,000, and trading 44% below its all-time high. The broader cryptocurrency market has seen significant losses, with $2 trillion wiped out since October highs. Despite previous predictions of increased nation-state adoption of Bitcoin, countries like Bhutan and El Salvador are reducing their exposure, with El Salvador stepping back after a $1.4 billion IMF deal.