A company called ETHZilla, which was previously classified by many as the 'sixth largest Ethereum strategic reserve', holds a significant amount of ETH and is considered a benchmark in the community.
A few days ago, their documents submitted to the SEC clearly stated - starting from the 15th, they sold 24,291 ETH at an average price of three thousand and sixty-eight dollars.
This batch accounts for a quarter of their total holdings. After selling, they still have 69,800 ETH left.
More bluntly, the company directly said that they might sell everything later, using the money to pay off convertible bonds, and to keep the company running.
This statement is equivalent to telling the market - reserve this card, no longer play.
What is called a strategic reserve? In simple terms, it means the company treats ETH as a long-term held asset, not moving it, using it to hedge risks, and also telling a nice story.
In the past year or two, this kind of play has been quite popular among listed companies, as it seems to be related to blockchain and also makes the books look good.
ETHZilla initially established this persona, with a considerable position, and was watched by some as a barometer.
But now, the barometer has moved first, and the extent is not small, having given an early expectation - it may be fully cleared.
Why pay attention to such matters?
First, this is not a momentary impulse from retail investors to crash the market; it is a genuine operation by institutions, clearly stated in regulatory documents, indicating it is not a test but already in execution. The buying and selling rhythm of institutions often exposes mid-term attitudes earlier than the market.
Second, the reason for selling coins is very realistic - to pay debts and keep the company operating. Once cash flow cannot be maintained, even so-called strategic reserves must be converted into money that can provide immediate relief. In other words, past stories cannot shield against current bills.
Third, when these reserve-type players start to exit, the atmosphere of 'long-term holding ETH' in the market will be impacted. Especially those who bought ETH for the endorsement of listed companies will find - endorsements can also be withdrawn.
Of course, this does not mean that ETH has no chance.
But it reminds us that in the crypto circle, no matter how beautiful the story is told, it ultimately comes down to one thing - can you survive? Reserves are a vision, but daily life relies on cash.
For us ordinary people, the key is not to guess who is running away, but to understand the underlying cyclical signals.
When institutions start to dismantle reserves for cash, it often signifies that the market is entering a more confused phase, and those with leverage are afraid and need to lighten their load.
Understanding this point, you will not be led by superficial news of selling coins, nor will you blindly trust the term 'strategic'.
This company is here to speculate, it is not some so-called strategic reserve. As the group said, it must be idle funds used for reserves.#比特币与黄金战争 #美联储回购协议计划
