Zero positions for 20 consecutive weeks—does Bitdeer’s move reflect a fully bearish outlook, or is cash flow king? Mining companies’ HODL beliefs also seem to vary by levels.

Bitdeer released weekly Bitcoin data stating that, as of July 10, the company mined 227.5 BTC this week and sold all 227.5 BTC, resulting in zero net BTC holdings. Since it sold the 189.8 BTC produced during the week it began selling on February 20 and its existing 943.1 BTC reserves, Bitdeer has disclosed for 20 consecutive weeks that its BTC net holdings are zero; this measure excludes customer deposits and BTC that the company has pledged.