Bitcoin Holds $80K as Bhutan Offloads $8.1M, Exodus Dumps 1,076 BTC and Hayes Targets $126K

Bitcoin News

The kingdom of Bhutan has shifted another 100 BTC worth roughly $8.1 million out of its sovereign wallets, extending a steady year-long sell-down that has now drawn reserves down by about 70% from their late-2024 peak. On-chain data indicates Bhutan has offloaded approximately $230 million in Bitcoin since January at a pace of around $50 million per month, with current holdings sitting near $252 million, or about 3,100 BTC. Analysts characterize the activity not as a bearish signal but as an active sovereign treasury strategy, monetizing gains from state-backed hydropower mining to fund national development while preserving long-term exposure.

Exodus Movement reported a $32.1 million net loss for Q1 2026, more than double the $12.9 million loss recorded a year earlier, after slashing its Bitcoin treasury by 63% to fund acquisitions. The self-custody wallet provider cut its stash from 1,704 BTC to 628 BTC, generating $73.2 million earmarked for closing the W3C deal that brings Monavate and Baanx into the fold. Revenue fell 36.8% year over year to $22.7 million, with exchange aggregation sliding more than 40%. Monthly active users dipped to 1.5 million, while EXOD shares slipped to $7.47 in pre-market trade following the disclosure.

A growing camp of analysts argues the current drawdown has materially decoupled from prior bear-market cycles, with Bitcoin down only about 36% from its $126,000 all-time high versus 75%-85% peak-to-trough declines in 2014, 2018 and 2022. US-listed spot Bitcoin ETFs have absorbed more than $59 billion in cumulative net inflows since launch, including $4.5 billion since March, while Strategy has lifted its position to 818,869 BTC from 640,031 BTC in October 2025. That persistent corporate and ETF bid is reshaping how the cycle behaves and providing a structural floor that did not exist in earlier downturns.

The eBay board's rejection of GameStop's $56 billion takeover bid as "neither credible nor attractive" has pushed GameStop's Bitcoin exposure back into focus. The retailer holds roughly $368 million in BTC exposure through a covered-call options strategy after migrating nearly all 4,709 BTC to Coinbase Prime, turning the position into a receivable. GameStop's offer leaned on $9.4 billion in cash and up to $20 billion in TD Bank debt financing contingent on an investment-grade rating, which Moody's flagged as credit negative. Ryan Cohen has previously called the eBay tie-up "way more compelling than bitcoin," leaving discretionary BTC liquidation on the table.

Momentum signals are flashing constructive after the dip from the May 6 multi-month high near $82,800. The Bull Market Support Band has flipped back into support, the 21-week EMA has crossed above the 20-week SMA, and the Stablecoin Supply Ratio has recovered from historic lows that previously marked bottoms in mid-2021, 2022 and mid-2023. Spot taker CVD has turned positive, suggesting genuine buy-side aggression rather than passive bidding. The short-term holder cost basis near $80,000 is acting as the lower bound of the consolidation, with the active realized price around $85,000 framing the next overhead test.

Maelstrom chief investment officer Arthur Hayes told subscribers he is taking his fund to maximum risk, calling a return to the $126,000 record a "foregone conclusion" once Bitcoin clears $90,000 and forces call writers to cover. He attributes the setup to two macro tailwinds: AI capital expenditure increasingly funded by central bank and commercial bank credit creation, and an inflationary geopolitical backdrop that pushes sovereigns toward hard assets rather than dollar reserves. Separately, mining economics remain strained as CleanSpark posted a $378.3 million quarterly loss with average production costs near $88,000 per coin, accelerating the industry pivot toward AI and high-performance computing leases.

BTC trades near $80,492 with a slight intraday softening of 0.52% as the tape consolidates between immediate support at $80,200 and resistance at $81,463. RSI at 60 sits in healthy bullish territory without flashing overbought, and the MACD signal remains constructive, aligning with the broader uptrend read. A clean break above $81,463 opens a path toward $82,843 and the $89,065 swing zone, while loss of the $79,040 shelf would expose $77,541 and weaken the structural thesis. The 24-hour spot volume of $15.8 billion is supportive but not euphoric, leaving room for a measured continuation if buyers defend the $80,000 cost-basis floor.