Recently, I came across something quite interesting.

A company that has always preached "Bitcoin faith" (Nakamoto),
sold 284 BTC directly in March, cashing out nearly $20 million.
The key point is—
the selling price was almost 20% lower than their own previous valuation.
Not just BTC,
their previous investment in Metaplanet is also losing money and being liquidated:
5 million shares, basically admitting defeat and walking away.
Looking at the overall situation gives a more realistic picture:
Digital assets are floating at a loss of $166 million,
net loss of $52.2 million in 2025,
stock price has fallen 80% in half a year,
and now they’re being watched by Nasdaq (possibly delisting).
———
Many people might instinctively think:
“If even this kind of company can’t hold up, does that mean the market is not doing well?”
But my personal feeling is actually quite the opposite:
It’s not that the market isn’t doing well,
it’s that some “faith-based” players are starting to break down.
During the bull market, everyone talked about long-termism,
but once funds tighten and stock prices fall,
the first to falter are those with the “strongest faith.”
Honestly, it’s very pragmatic:
You can believe in BTC,
but you need to survive more.
———
There’s another detail I think is quite key:
They’re shifting their focus toward “doing business”
(going after BTC Inc., UTXO, etc.)
This actually says a lot—
Relying solely on holding coins and waiting for prices to rise is becoming increasingly difficult.
The ones who are likely to survive later are probably only two types:
Either you have traffic,
or you have cash flow.
The rest will only be eliminated along with the market.