The Royal Government of Bhutan has cut its Bitcoin exposure by selling more than $92 million of the top digital asset during the recent market downturn.

On Aug. 18, blockchain analysis platform Onchain Lens reported that Bhutan moved 799.69 BTC, valued at approximately $92.06 million, into two new wallets. According to the firm, these transfers would likely be sent to a centralized exchange (CEX), potentially Binance, ahead of the sale.

The timing aligns with the recent volatility in the crypto market. Bitcoin briefly surged to a new all-time high (ATH) of $124,167 on Aug. 14, according to CryptoSlate price data. Since then, the asset has retraced more than 7% to around $115,165 at the time of writing.

Despite the recent sales, Bhutan retains a substantial crypto portfolio. Bitcoin Treasuries data ranks the country as the fifth-largest national Bitcoin holder, surpassing El Salvador.

Arkham Intelligence data shows that Bhutan still holds roughly 9,969 BTC, valued at about $1.15 billion. In addition, the nation maintains around 656 ETH, worth approximately $2.81 million at current prices.