#美联储重启降息步伐 Bitdeer dumped 148.5 BTC this week, dropping its holdings below 2,000 coins. At first glance, it looks like the mining company is pulling out, but the data reveals something more.

They mined 131.5 BTC this week and actually sold only about 130 coins. On the surface, it seems like a major sell-off, but in reality, their actions are quite restrained. This “book sell-off larger than actual selling” tactic is likely creating a short-term illusion of selling pressure in the market.

From a game theory perspective, a miner’s reduction doesn’t necessarily mean they’re bearish on the market. It’s more like repositioning within the current price range—testing market support with some chips, while leaving room for maneuver in case of price swings.

Retail investors are easily misled by such news. Seeing miners sell, they panic and often end up as liquidity victims. What really matters is: are support levels holding, are there any unusual large on-chain transfers, and is BTC’s net inflow to exchanges increasing or decreasing?

The crypto market is always a game of information asymmetry. Miners’ small moves might be just testing the waters, or they could be making strategic plans. Rather than blindly following the crowd, it’s better to keep an eye on key indicators and wait for the market to give a clearer signal.