Recently, I noticed an interesting phenomenon: those large miners who once firmly held onto Bitcoin are now starting to sell off on a large scale. Previously, HODL was the miners' faith, but now that logic seems to have completely reversed.

From the data, major miners like Core Scientific, Bitdeer, and Riot have sold over 15,000 BTC just in this recent wave, which is no small amount. More directly, Bitdeer has completely emptied its Bitcoin treasury to invest in AI data centers, and Riot has sold $200 million worth of BTC to raise funds. Even Marathon, which has always championed HODL, is now using Bitcoin as collateral for loans. In plain terms, these people are now treating Bitcoin as a financing tool, not as a reserve asset.

The underlying logic can also be understood. Mining profit margins have plummeted from 90% in 2021, energy costs are still rising, and competition is becoming fiercer. Instead of continuing to hold onto Bitcoin, it’s more attractive to use their data centers to build AI infrastructure, which clearly has greater business potential. Bitfarms’ CEO even openly said, "We are no longer a Bitcoin company."

From a market perspective, Bitcoin is now oscillating around $74,000, recently spiking to $76,000 before falling back. Interestingly, the funding rate for perpetual contracts has been negative for 46 consecutive days, indicating that there are still many bears. But according to historical patterns, such large-scale bearish sentiment often signals an upcoming sharp rebound.

Overall, the shift in miners’ behavior strongly indicates a change. The once-held belief in holding Bitcoin is being shattered by practical business considerations, and the entire industry is being reshaped by the wave of AI development. Whether this is bearish or bullish for Bitcoin in the long run is still hard to say.