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Even more concerning, major miners, including BitDear, have turned into sellers. Recent updates revealed they liquidated their entire Bitcoin reserves, holding zero BTC on their balance sheets—something unthinkable just months ago. This signals a capitulation of the industry’s hash power and confidence.
Liquidity Drains and Market Sentiment
The liquidity landscape is shifting dramatically. The USDT stablecoin market cap has shrunk below $33 billion, indicating capital leaving the crypto ecosystem altogether. This furthers the narrative that current sell-offs are driven by hedge funds unwinding trades, rather than long-term holders abandoning the space.