May 15, 2026, is marked on the calendars of many traders: according to multiple data sources, on that day, approximately $290 to $290.45 million net outflow occurred from Bitcoin spot ETFs, with all twelve products recording no net inflow, collectively leaning towards redemption. Almost simultaneously, Nasdaq-listed mining company Bitdeer disclosed on platform X that the 198.3 BTC produced from mining this week had all been sold, stating that as of May 15, the company's Bitcoin holdings were zero; furthermore, over the past year, Arkham marked certain wallets as "related to Bhutan," with Bitcoin holdings dropping from about 13,000 to about 3,100 BTC, with an estimated cumulative outflow value exceeding $1 billion at various price points, which has been amplified in the community into the story of "Bhutan's reduction in holdings.” Although Bhutan's sovereign fund Druk Holding publicly denied that it is selling Bitcoin, and the actual control relationship between these addresses and the authorities has yet to be confirmed, market opinion still tends to piece together the ETF’s outflows, the mining company’s liquidation, and the "national-level address" reduction into a picture of “triple pressure,” while the real question that needs to be answered is: has the short-term balance of bullish and bearish sentiment for Bitcoin been quietly rewritten under this scenario?

ETF's single-day loss of $290 million

If we break down the so-called "triple pressure," the first clue undoubtedly comes from the ETFs. Multiple data sources show that on May 15, Bitcoin spot ETFs in the U.S. experienced a single-day net outflow of approximately $290 to $290.45 million, with the redemption end almost collectively turning downward. Among them, BlackRock's IBIT had a single-day net outflow of about $136 to $136.28 million, contributing nearly half of the total "loss"; Grayscale's GBTC saw a net outflow of about $43.64 million that day, and Ark's ARKB was also redeemed for about $52.48 million, with the leading products collectively switching to redemption, making this outflow seem more like an organized reduction rather than scattered noise.

Even more rare is the structural uniformity—on that day, all 12 Bitcoin spot ETFs recorded net redemptions, with no single one showing a net subscription. Since these products were approved for trading at the beginning of 2024, the redemption data has always been seen as a "thermometer" of institutional sentiment, and this time, the unmistakable unilateral net outflow across all twelve products, both in terms of amount and alignment, is sending a clear but slightly suffocating signal to the market: at least on May 15, mainstream institutions were more willing to recapture their Bitcoin exposure. As for whether this collective reduction stemmed from risk control, strategy rotation, or other considerations, the market has not yet formed a recognized explanation, and the true motivation behind this $290 million net outflow remains unresolved.

Bitdeer's immediate sale and zero position

In almost perfect synchronization with the ETF's choice of "redemption first," the mining side also provided an extreme version of the answer. Nasdaq-listed mining company Bitdeer disclosed in mid-May on platform X that its Bitcoin mining output for the week was 198.3 BTC, and that all 198.3 BTC had been sold, leaving no inventory. The result looks like a standard "mine and sell" operation: hash power is converted to cash, rather than remaining as Bitcoin on the balance sheet.

What is more noteworthy is the position itself. Bitdeer also stated that as of May 15, 2026, the company's Bitcoin holdings were zero, putting it in a completely cashless state. For a leading publicly listed mining company, the choice to actively clear its positions seems more like a signal of "cash flow priority and risk contraction"—during a phase of unclear expectations and volatility, converting assets into cash to ensure operational flexibility does not necessarily equate to a long-term bearish outlook on Bitcoin; rather, it returns price judgment to the secondary market while keeping the asset side as light as possible.

Bhutan address reduction and official denial

If the mining company's liquidation can still be explained by "cash flow," then the wallets tagged as "related to Bhutan" push this round of selling narrative to a more sensitive sovereign level. Arkham's on-chain analysis shows that over the past year, a group of wallets marked as related to Bhutan saw their Bitcoin holdings decrease from about 13,000 BTC to about 3,100 BTC, with the estimated cumulative outflow value exceeding $1 billion based on price ranges during the same period. This set of data was amplified in mid-May 2026 and quickly evolved into a storyline in the community of "Bhutan is conducting a massive sell-off of Bitcoin," which was stitched together with ETF net outflows and mining company sales to form the framework of "triple pressure."

However, almost simultaneously, Bhutan's sovereign fund Druk Holding made a clear public denial of selling Bitcoin assets, yet did not respond in detail to the specific address classifications and each on-chain transaction's details, creating a subtle standoff between "on-chain data" and "official position": one side shows trackable address reduction, while the other side does not acknowledge their selling coins. It is essential to emphasize that the actual control relationship between these wallets marked by Arkham and Druk Holding has yet to receive official written confirmation, and as of May 16, Bhutan has not provided any further explanation. In such a information structure, simply equating these reductions with "national-level selling" remains speculation rather than conclusion, and sufficient caution must be preserved in interpretation.

ETF and Bitdeer, Bhutan pressure: resonance or sentiment

Pulling the timeline back to mid-May reveals several seemingly independent "selling narratives" compressed into the same window. According to AiCoin data, on May 15, Bitcoin spot ETFs experienced a total net outflow of approximately $290 to $290.45 million in a single day, with all twelve products recording net redemptions, among which BlackRock's IBIT had a net outflow of about $136 million, and GBTC and ARKB had net outflows of about $43.64 million and $52.48 million respectively, interpreted as U.S. institutions reducing positions through the ETF channel. Almost in the same week, Nasdaq-listed mining company Bitdeer announced on X that it had sold all 198.3 BTC mined that week and disclosed that as of May 15, the company held zero Bitcoin, thus earning it the label "listed mining company liquidation." Meanwhile, Arkham's on-chain data regarding the addresses "related to Bhutan," which decreased from about 13,000 BTC to about 3,100 BTC and had a total outflow value exceeding $1 billion, was concentrated in the media and community in mid-May and further expanded into the narrative of "sovereign fund sell-off."

When these three clues are placed in the same image, the market easily stitches U.S. institutions, listed mining companies, and potential sovereign funds into a narrative of "triple pressure" from "Wall Street to the mining field to national teams," to explain the current pessimism. However, based on publicly available information, what can truly be verified are only: the ETF's redemption data, Bitdeer's self-disclosed sale and holding situation, and Arkham’s marking and balance changes of relevant addresses, with no evidence showing that the ETF redemptions, Bitdeer's sales, and these address reductions are coordinated actions or have direct causality. Bhutan's sovereign fund Druk Holding has publicly denied selling Bitcoin, and the control relationship between these addresses and it has not been officially confirmed; thus, "national dumping" appears more like an emotional remix of scattered on-chain fragments and institutional dynamics, and within a rigorous analytical framework, it can only be placed at the level of speculation rather than established fact.

Three signals to watch next

What deserves attention moving forward are three data points and on-chain trajectories. First is the daily updated redemption situation of Bitcoin spot ETFs, to see if the single-day net outflow of approximately $290 million on May 15 was just a one-time emotional release or if it will be duplicated in the following weeks, evolving into a sustained trend of net redemptions; second, whether Bitdeer and other major listed mining companies continue the "mine and sell" approach in subsequent announcements and financial reports, maintaining zero or very low holdings, or if they begin to accumulate BTC as inventory amidst fluctuations; third, using on-chain analytical tools like Arkham to track the subsequent transfer paths and balance changes of the wallets marked as related to Bhutan, observing if limited official statements will provide further details to confirm or deny the narrative of "national selling.” At this current moment, "triple pressure" seems more like accumulated emotions and stories concentrated in the same window, and whether it rises to a genuine mid-term pressure structure will ultimately be determined by the forthcoming ETF redemption curves, mining company holdings disclosure, and the on-chain trajectories of Bhutan-related addresses.

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