"A lot of the players don't know they have this option. They made a mistake. Bitcoin will appreciate."
The biggest miners in the world are selling Bitcoin at the worst possible time. And they didn't have to. Hash price has been at all-time lows for twelve straight months. Every month, a new floor. The biggest publicly traded miners are responding the only way they know how. They're unloading thousands of BTC into the worst price action of the cycle.
@KristianCsep, CMO of
@Braiins, said it plainly on the Firefish podcast recently:
"Bitcoin will appreciate. They could have done a Bitcoin-backed loan and kept the balance sheet."
Four years ago, Bitcoin-backed lending barely existed as a category. The infrastructure wasn't there. The counterparties weren't trustworthy. A lot of miners who experimented with the early platforms got burned.
So the muscle memory is simple. When you need fiat, sell BTC.
But the tool exists now. Non-custodial. Peer-to-peer. Multisig escrow. The collateral doesn't move. It just sits there until you repay.
Braiins used it to fund their new 6 MW Houston facility. Kristian personally used it to buy his wife's engagement ring. Same product, different scales. Stack untouched in both cases.
Meanwhile, public miners are unloading thousands of
$BTC at the lows because they got squeezed and didn't have another move.
The mistake of this cycle isn't operational. It's financial.
We're still early. Most miners don't know the option exists. The Bitcoin will appreciate.
That was Kristian's point. And the miners who sold won't get those sats back.
Never sell your Bitcoin. Live off it.