Just saw a piece of news—quite interesting. Bitcoin Little Deer issued a holdings announcement back in February, saying they had fully zeroed out all the Bitcoin they held—943.1 coins plus 189.8 newly mined coins, all polished off in one click at the $68,000 mark. The first reaction in the community was: Are they doing this again?

You probably know this isn’t the first time. Eight years ago, back in 2017, Wu Jihan did something similar. At the time, he dumped all the tens of thousands of Bitcoins in his and the company’s hands at around $3,800 to $4,000, going All in BCH, trying to have Bitcoin Cash seize the throne of Bitcoin. The result is something everyone knows—BCH didn’t manage to take over; instead, it got dragged into internal conflict, Bitmain was pulled into the abyss, and he himself was forced out in disgrace, becoming the biggest punchline of that bear market.

Eight years later, history is repeating itself. On X, Wu Jihan responded, saying “Having zero holdings now doesn’t mean it will always be like this in the future,” but the market doesn’t talk about sentiment. As soon as the news broke, panic spread instantly—retail investors were left dumbfounded, big players started panicking too, and the mining circle was in uproar.

Some people say he did it to buy land and expand his mining farm—purely a financial move. But think about it—someone who translated the Bitcoin whitepaper into Chinese, someone who has been betting 15,000 Bitcoins on a “mining cat” since 2012, someone who once shouted “BCH is the real Bitcoin,” and now he has sold even his very last Bitcoin. That’s not a collapse of faith—what else could it be?

On paper, it makes sense. But put it in this moment—$68,000, clearing out, zeroing everything, not even keeping the 189.8 coins mined this week. The signal being released is more direct than any research report.

A more practical problem is this: of the 22 mainstream mining machines on the market, 9 have already reached their shutdown prices. That means mining at this price can’t even cover electricity costs. Miners either shut down or sell coins. And selling coins itself further pushes prices down, creating a negative feedback loop. When the people who understand Bitcoin best begin to exit, the market really is standing at a delicate point.

I’m not here to bash or to hype. I just feel that Wu Jihan’s two rounds of clearing out are like one person’s fate—he always takes a big bet in the trend: win and attain god-like fame, lose and become a laughingstock. In 2017 he lost. In 2026, this round isn’t over yet—but the market’s panic is already written into the K-line charts.

After all, the crypto world has never lacked stories; what’s missing are people who can actually learn something from those stories. When top players start clearing out, don’t rush to condemn, and don’t rush to copy. First, think it through—are the coins in your hands the vessel of your own faith, or just fuel for someone else’s story? This story hasn’t finished yet, but the signals are already clear. If you’re interested, go check the market for yourself and think more about the logic behind it.