The Breakdown Bhutan Times the Top, CLARITY Hits Markup, and the Onchain Pokemon Card Boom | The Breakdown
May 13, 2026
A deep dive into how Bhutan’s mining and sales lined up with Bitcoin’s 2025 peak. A look at the CLARITY markup and its tight triggers that might leave only a dozen or two chains labeled decentralized. A burst of interest in on-chain Pokémon card markets, tokenized physical cards, and new marketplace mechanics driving activity.
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Bhutan Miners Built Then Sold A Billion Dollar Bitcoin War Chest
- Bhutan mined Bitcoin with excess hydropower and accumulated ~1.4 billion USD at peak holdings.
- David Canellis notes their sovereign fund then began large, regular sales, with the biggest offload around October 2025 just before the market top.
Sovereign Timing Suggested By Bhutan's October Dump
- Bhutan timed major Bitcoin sales around the market peak in mid‑2025 and executed a large dump just before the October 2025 top.
- Canellis argues this suggests the sovereign fund anticipated the top and shifted from mining to consistent selling.
Miners' Selling Is Small Versus Big Corporate Buyers
- Comparing miner outflows, Marathon has sold as much or more than Bhutan and both have sold during the market downturn.
- Adding MicroStrategy's inflows shows corporate buyers still dwarf miner selling, shifting overall market impact.