First, a hot knowledge is that Bitdeer has always implemented the execution strategy of 'mining, withdrawing, and selling', not that it suddenly started 'mining, withdrawing, and selling' at a certain moment.

Previously, the Bitcoin mining company Bitdeer ($BTDR) released#BTC the latest position data, as of February 20, its total Bitcoin holdings (purely proprietary holdings, excluding customer deposits) have dropped to 0. In addition, this week its Bitcoin mining output was 189.8 $BTC, and it sold 189.8 $BTC during the same period, resulting in a weekly net outflow of 943.1 $BTC.

'There must be a cause for the unusual,' the liquidation by Bitdeer this time is not merely a simple 'mining, withdrawing, and selling', but rather a combination of multiple pressures and a strategic gamble.

1. The 'conspiracy' of debt interest and cash flow

Bitdeer borrowed a huge loan from Matrixport, owned by Wu Jihan, in 2025.

High costs: A 9% floating interest rate is a heavy burden in a bear market.

Repayment logic: February 20 is not only the settlement date but also a critical period around Bitdeer's Q4 financial report release. To make the liquidity look good or to free up funds to cover the fixed monthly repayment, selling the last few hundred BTC is a financial necessity.

Counterintuitive operation: As a publicly listed company, liquidating assets during a slump usually aims to support more core businesses or to stop bleeding urgently.

2. A complete shift: The 'lane change' of the king of computing power

Wu Jihan knows better than anyone that simple 'mining' has drastically compressed profit margins after the halving.

The high premium of AI computing power: The current logic is: 'Electricity -> Computing Power -> Revenue'. Compared to the price volatility of BTC, the demand for AI reasoning and training computing power is a highly certain 'rigid demand'.

Hardware layout: Bitdeer is vigorously promoting the R&D of SEALMINER mining machines and deploying AI infrastructure like NVIDIA GB200 in Malaysia. This requires massive capital investment. Selling BTC is, in fact, converting 'outdated financial assets' into 'advanced productivity tools'.

3. Confidence rebuilding and hedging after the '1011 crash'

Since the crash triggered by the Binance incident on October 11, 2025, market liquidity has yet to recover.

Black swan alert: Wu Jihan, as a deeply resourceful figure in the circle, with his statement 'having zero positions now does not mean it will always be this way', is actually leaving himself an escape route. However, this vague statement may also reveal an underlying message: I believe the current price is not yet the lowest point in the future.

History repeats itself: He has liquidated BTC in both 2014 and 2017. His style has always been 'selling old dreams, investing in new ambitions'. For him, holding BTC is mediocre; using the capital gained from BTC to create the next '#Bitmain' is where his ambition lies.

Potential impact on the market

Emotional double dip: Even Wu Jihan has 'zero positions', which could trigger panic among retail investors and medium-sized miners. In the short term, BTC prices may face significant selling pressure or a prolonged downturn due to this 'collapse of faith'.

Change in industry paradigm: Marks the end of the 'pure mining company' era. In the future, the market will no longer evaluate mining companies based on how much BTC they hold but will look at how much high-performance computing (HPC) capability they possess.

Restructuring of capital: The exit of early OGs means that the chips of the old era are accelerating towards Wall Street institutions (ETFs) or AI infrastructure builders.

Long-term investors' response strategies

As a long-term investor, in the face of this 'big shot's exit' shock, it is recommended to adopt the following strategies:

Distinguish between 'corporate behavior' and 'personal belief': Bitdeer's liquidation is due to corporate debt repayment, R&D, and strategic transformation. This does not mean BTC itself has lost value, but rather that the mining business model is undergoing a test. Do not negate your own long-term logic because of a company’s financial decision.

Beware of the aftershocks of the '1011 crash': Wu Jihan's liquidation may indeed indicate that he perceives some risk that has not yet fully manifested. For long-term funds, it is currently not advisable to go all in at once; maintaining ample cash flow (just as Wu Jihan has done) is more important than holding a full position.

Focus on the 'new narrative': Since Wu Jihan is optimistic about AI computing power centers, long-term investors can pay attention to the layout in related tracks. If BTC temporarily enters a 'boredom phase', diversifying asset allocation and focusing on computing power tokens or AI-related sectors may be another way to follow the footsteps of the big shots.

Regular investment rather than speculation: The 'liquidation' and 'bottom hunting' of big shots often come with complex hedging methods. Ordinary investors cannot replicate their operations; the best response is to ignore short-term fluctuations and use the deep bear phase to build positions at low costs.

In summary: Wu Jihan does not love Bitcoin any less; he just feels that in the current deep bear market, 'the money in hand' is more valuable than 'the coins in hand' to win the next battle.