Arkham discovered a recent Bitcoin transaction in Bhutan which saw the country transfer another 100 BTC worth about $7.83 million. The sale is in addition to a continuing series of trades that have gradually reduced Bhutan’s once large store of Bitcoins. This most recent sale follows a trend: Bhutan is methodically selling its stake over time. The nation has disposed off over $206.98 million worth of BTC since the start of year, a strategic and sustained exit rather than irregular profit-taking. Bhutan is selling Bitcoin. Bhutan just moved another 100 BTC ($7.83M) out of its holding wallets. At this rate, they will have sold all of their BTC by October this year. pic.twitter.com/RRUs1He4oS — Arkham (@arkham) April 29, 2026 National Bitcoin Reserves Decline As Mining Activity Seems To End The current Bitcoin in Bhutan account is about $263–265 million (down sharply from previous amounts). Even more strikingly, on-chain data appears to show that its Bitcoin mining operations have either come to a grinding halt or stopped altogether. Such an apparent sudden stop in the process of mining means a stark change in the country where it deals with transactions within the Bitcoin ecosystem. Assuming that the current selling pace continues, analysts predict Bhutan could sell all its Bitcoin by October of this year. This kind of move would mark a significant strategic shift, as it closes the chapter on Bhutan’s position as a permanent holder of Bitcoin. Even with ongoing divestment over time, Bhutan has still raised about $754 million in onchain profits since the starting price of their Bitcoin investment and will likely be leaving this trade from a “position of strength” rather than from a stress break. Clients Of BlackRock Appear To Sell BTC And ETH In addition to sovereign activity, recent market developments are also tied to flows from institutional investors. On April 28, Crypto Patel data showed, BlackRock clients had placed significant sell orders. A total of roughly 1,473 BTC worth $112.25 million was sold and at an average price close to the price of Bitcoin about $76,185 per BTC. Moreover, it sold 5,737 ETH ($13.17 million), indicating that selling pressure was not limited only to Bitcoin but also extended into Ethereum and the wider crypto market. JUST IN: BlackRock clients SOLD $112.25 million in BTC And $13.17 million in ETH on April 28 (Yesterday) Bitcoin: -1,473.385 $BTC (-$112.25M) @ ≈ $76,185 per BTC Ethereum: -5,737.8321 $ETH (-$13.17M) @ ≈ $2,295 per ETH BlackRock's $IBIT Total Holding: 810,802.7896 BTC… https://t.co/emOr4dfRhq pic.twitter.com/zUIm0ds2BH — Crypto Patel (@CryptoPatel) April 29, 2026 The sales highlight another trend of institutionally driven cautionary repositioning in a market flush with low liquidity and lackluster momentum. Outflows: BlackRock Continues To Hold A Ton Of Crypto Blackrock is still among the largest institutional holders of digital assets. The iShares Bitcoin Trust (IBIT), which is a Bitcoin ETF they own, contains approximately 810.8027896 BTC, amounting to about $61.73 billion in USD value. As for Ethereum, the combined fund holdings of BlackRock sit at around 3.42 million ETH at about $7.9 billion total. A total of approximately 196,034 ETH, worth approximately $450 million, is currently staked from this as proof-of-stake community incentivizes long-term commitment to the Ethereum network. While these figures indicate some short-term sales, institutional exposure to cryptocurrency is still considerable. The size of BlackRock’s holdings suggests that the recent sales are mainly a rebalancing of its portfolio rather than a radical shift in investment strategy. Bitcoin Trading Volumes Reached Multi-Month Lows Compounding this changing market backdrop, Glassnode also notes that Bitcoin spot trading volumes on major exchanges have dropped to the lowest levels in just under a month as of writing. Bitcoin spot volumes across major exchanges have fallen to their lowest levels since October 2023. Such low volume environments often coincide with reduced market depth and heightened sensitivity to flow shifts https://t.co/XLo1nlsykP pic.twitter.com/Pn6xfZs4gx — glassnode (@glassnode) April 29, 2026 High low volume characteristics are normally associated with low market involvement and lower liquidity, where even small size buy or sell orders can overwhelm supply/demand and result in exaggerated price moves. This decrease in volume correlates with developments as sovereigns (Bhutan) and institutional investors (BlackRock clients) are either actively adjusting positions. This combination of less liquidity and more selling pressure makes conditions ripe for swift price moves in the market. Market Sensitivity Increases With Dwindling Liquidity And Changing Flows The ongoing sell-off in Bhutan, coupled with institutional outflows and falling trading volumes shows a market teetering on the cusp of more fragile territory. Weak liquidity in these conditions tends to heighten volatility since there is reduced depth to endure large trades. As a result, price action in the future, prompted by macroeconomic or crypto-specific news, may find itself squeezed out sharper. Chronologically, Bhutan’s methodical unwind also casts a sweeping gaze over the role of sovereign players. The divestment strategy may motivate other states to review their crypto holdings in light of current market conditions. Institutional behaviour is still a vital part. While the positions are still sizable in BlackRock, recent outflows could indicate a more cautious footing that will color the sentiment in the near term. As the market works through this sensitive stage, all eyes will be on on-chain activity and institutional flows for confirmation of where price action could be headed next. Outcomes of this decreased liquidity could be a period of consolidation or increased volatility, but the balance between supply and demand and confidence is certainly wobbling. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !
