The largest Bitcoin miner balance sheet is now a distressed seller after liquidating over $1B of its Bitcoin at ~$72,000 after making purchases 30-40% higher above $90,000 per BTC. This is just the beginning of a major unwind across the sector.

A large underappreciated headwind for Bitcoin is the disaster that which is mining economics. The only way this heals is through a decline in hashrate, which is being spearheaded by the AI compute first movers like $CORZ, $WULF, $CIFR, $IREN, etc.
While helpful to long-term  x.com/qthomp/status/…

Quinn Thompson

Twitter

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