This kind of news feels like a bearish signal, but look, it has bounced back now. Overall, the short positions are still active.

#深度创作营 The "Bitcoin Godfather" liquidates his Bitcoin holdings—Is this a collapse of faith or a shift in the era?

Wu Jihan's liquidation has caused a震动 in the crypto world comparable to the "94 Incident." For old-school Bitcoin believers, this is a collapse of faith. They believe in "Bitcoin is eternal, HODL until it rises," and as an early participant and industry giant, Wu Jihan should be the most steadfast guardian of this creed. Now that he is leading the "sell-off," it is undoubtedly a heavy blow to the narrative of "digital gold." But for more clear-headed observers, this seems more like a shift in the times.

1. Mining logic has changed: As Bitcoin mining difficulty skyrockets and electricity prices remain high, the "mine and hold" model is no longer sustainable. Converting output into cash promptly, locking in profits, and maintaining cash flow are the hard truths for surviving the winter.
2. Strategic focus shifts: Bitdeer is no longer just a Bitcoin mining company. It is investing heavily in AI computing power and data center businesses. Liquidating Bitcoin is to raise ammunition for this new battle.
3. Respect for cycles: Wu Jihan has experienced bull and bear markets in 2013, 2017, and 2021. He knows better than anyone that there is no eternal bull market. Staying calm during market frenzy and taking profits before the cycle peaks are the survival wisdom of top players.

This event teaches us: don’t bet your faith on anyone.

Wu Jihan’s choice offers a profound lesson to all crypto participants:
Don’t idolize anyone: even the "Godfather" will adjust strategies based on market changes. Relying your wealth and destiny on faith in a single person is the biggest risk.
See the essence, not just the narrative: The essence of Bitcoin is technology and consensus, not the platform of any big shot.
When narratives start to shake, we need to return to understanding the technology itself and market cycles.
Embrace change, don’t cling to the past: The crypto world is changing rapidly, with new tracks like AI, Web3, and RWA emerging. Clinging to past successes will only lead to being left behind.
Wu Jihan liquidated his Bitcoin holdings, but he has not left the industry. He simply moved from one track to a more promising one.
And for each of us, the real question has never been "Will Bitcoin go up again?" but rather "Can we keep up with this ever-changing world?"