#ETH走势分析 Bitdeer sold 148.5 BTC this week, with its holdings dropping below the 2,000 mark for the first time. However, this data needs to be broken down—they mined 131.5 new coins and actually only sold about 130.

This kind of operation is quite common among mining companies. They mine while selling coins to maintain cash flow, and the net decrease may be due to operational costs or strategic adjustments. But the market always likes to interpret "selling" as a bearish signal, which triggers panic.

From another perspective: if mining companies were truly bearish on the market, why not just liquidate everything? Keeping most of their holdings and only selling the newly mined coins looks more like balancing the books than retreating. Historical data also shows that after mining companies reduce their holdings in phases, BTC prices often find new support levels during consolidation.

Of course, this isn't a call to blindly buy the dip. The key is not to let short-term volatility throw off your rhythm—on-chain actions by mining companies are just one small piece of the market puzzle. What really matters is whether the support level holds and whether mainstream capital shows signs of leaving.

Retail investors are most likely to make mistakes at times like this by panicking at the word "sell-off." Look at the data calmly and don’t let emotions make decisions for you.