Bhutan sold at the top of the Bitcoin bullrun, Germany sold at the bottom

Bitcoin is currently trading at a price of some $60,000, reaching its lowest point in the past two years once again and likely marking the end of the bull run of the past three years (which began in the summer of 2023 and ended with the ATH of October 2025).

Who sold at what moment over the past two years? Let’s briefly look at two countries that have been in the news in recent years: Germany and Bhutan; The Europeans sold at just the lowest point, the Asians at the highest.

Bhutan

Bhutan surprised the crypto world a few years ago when it became known that the small Asian country had become the fifth-largest Bitcoin whale among governments, after the United States, China, the United Kingdom, and Ukraine. Due to emigration, Bhutan had many empty buildings, and thanks to its many mountains (and mountain rivers), cheap energy at its disposal.

The combination of those two factors led Bhutan to start mining Bitcoin in 2022. The government decided to sell their accumulated crypto wealth as of the autumn of 2025, roughly at the peak of the recent rally.

Germany

In 2024, amidst the European football tournament in their own country, the German government decided to sell about 50,000 Bitcoins (at an average price of $57,000) after seizing them following the closure of an illegal streaming site.

For a long time, this was considered a terrible decision, given that the German economy has been sputtering for a few years and Bitcoin was trading at $100,000 at the end of 2024 and even at $125,000 at the end of 2025.

Since Bitcoin is now hovering close to the Germans’ selling price from 2024, that sale is being re-examined in great detail.

So far, the conclusion is that Bhutan sold at the top and Germany at the bottom.