Damn, one of the reasons for the crypto crash‼️

Wu Jihan liquidated all BTC holdings, and BitDeer’s position is now zero. Is this truly bearish or a tactical retreat?
Wu Jihan, the leader of BitDeer, has been reported to have sold all his Bitcoin.
On-chain holdings are now zero, even all newly mined outputs this week have been sold off, leaving nothing behind.
Once the news broke, the market instantly exploded.
You should know that BitDeer is a legitimate Bitcoin mining company, and who is Wu Jihan? The translator of Satoshi Nakamoto’s whitepaper in Chinese, co-founder of Bitmain, and an early core figure in the mining industry. An industry veteran who started with mining, suddenly “liquidating BTC,” who wouldn’t think more?
Some say the top is in, some speculate about regulatory storms, and others worry about a major reshuffle in the mining sector.
But as public opinion heats up, Wu Jihan responded on X with a sentence:
“Having zero holdings now doesn’t mean it will always be like this in the future.”
The message isn’t big, but it’s meaningful.
1. Why did BitDeer liquidate?
On the surface, it looks bearish, but it’s more like a passive choice driven by financial considerations.
1) Cash flow pressure, prioritizing survival
Latest financial reports show the company’s operating cash flow remains negative, and investment cash flow is tight as well. Mines need electricity, maintenance, and wages—cash flow is life.
Under these circumstances, Bitcoin is the easiest asset for the company to liquidate. Selling off holdings is the fastest way to raise cash.
For mining companies, survival is more important than faith.
2) Revenue decline, weakened profitability
In recent years, mining profits have shrunk significantly. Price volatility combined with increased hashrate competition has led to a sharp drop in proprietary mining income.
Meanwhile, electricity costs and equipment depreciation remain high.
Simply put:
The profit elasticity of mining now is far less than during the last bull run.
3) Losses and liabilities stacking up, risk exposure too large
The company has shifted from profit to loss, and business is under pressure. If they continue holding large amounts of BTC, a sharp price drop could wipe out both assets and profits.
In an uncertain macro environment with increased market volatility, taking profits off the table is a typical risk management move.
This is more defensive than surrender.
2. What signals does Wu Jihan’s statement send?
“Having zero now doesn’t mean it will always be zero in the future.”
This sentence contains at least three meanings.
First, stabilizing emotions
The news of liquidation can easily trigger panic. He must make a statement, or market prices and expectations could be further suppressed.
In one sentence, the cost is low, but the effect is strong.
Second, leaving room
He didn’t specify when to buy again or whether he will buy again.
This gives the company enough flexibility.
If Bitcoin’s price retraces to a more ideal range later, re-entering isn’t surprising.
The most common tactic in capital markets is: reduce positions at high levels, re-enter at lows.
Third, separating the company from personal holdings
The liquidation involves company assets, not his personal holdings.
As a listed company executive, he must prioritize shareholders’ interests, not “faith.”
Corporate decisions are driven by cash flow logic, not emotions.
3. Is this a sign that Bitcoin has topped out?
Not necessarily.
History shows that many mining companies have liquidated holdings; often, big players’ actions are more about risk management than directional judgment.
They sell not necessarily because they’re bearish;
they liquidate not necessarily because they’re giving up;
their silence doesn’t mean they lack judgment.
Often, what truly determines life or death isn’t how much you earn, but whether you’re still in the game when the storm hits.
The core logic of mining companies has never been “faith,” but cash flow.
The core logic of capital markets has never been “emotion,” but cycles.
When the market is boiling hot, some leverage up to hit the top;
when divergence appears, seasoned players start to tighten their lines.
Many times, top traders don’t make money by one big gamble,
but by surviving countless risk controls.
So, the recent liquidation by BitDeer can be seen as either bearish or as a strategic risk reduction.
What truly matters isn’t whether Wu Jihan sold or not,
but whether you have proper position management and contingency plans.
In the crypto world,
survival is the first principle; cash is the greatest confidence; patience is the highest leverage.
Emotions fluctuate, cycles rotate,
and those who truly cross bull and bear markets rely not on passion alone,
but on remaining calm when others panic and being rational when others are frantic.