Wu Jihan's Destined Liquidation: From 2017 High-Stakes Gamble to Complete Exit in 2026

Earlier this month, an asset liquidation announcement caused a ripple across the community. Wu Jihan’s Bitdeer announced that as of February 20th, the company sold all 943.1 Bitcoin it held, plus 189.8 newly mined coins this week, all at the $68,000 level. The moment the news broke, the market’s reaction was just two words: Here we go again?

This isn’t the first time. Eight years ago, in 2017, Wu Jihan staged a similar move—this time, he was liquidating tens of thousands of Bitcoin held by himself and Bitmain. Back then, his only thought was—All in BCH, using Bitcoin Cash to seize the Bitcoin throne. But history didn’t unfold as he hoped.

History Repeats: From BCH Dream to Mining Crisis

Everyone knew the outcome of that gamble in 2017. Bitcoin Cash ultimately failed to overthrow Bitcoin and instead fell into endless forked internal conflicts. Meanwhile, Wu Jihan’s Bitmain was dragged into the abyss—its valuation plummeted from its peak by $50 billion. Wu himself fell from the pedestal, with Bitdeer struggling to stay afloat on NASDAQ.

Now, nine years later, the man who translated the Bitcoin whitepaper, who has held 15,000 BTC since 2012, and who loudly proclaimed “BCH is the true Bitcoin,” has finally cashed out his last Bitcoin. Some defend his actions—saying it’s for expanding mining operations or adjusting financial allocations. Logically, that makes sense, but the problem is he chose to sell at $68,000, opting for a complete “zeroing out,” even leaving behind the 189.8 newly mined coins this week. This signal is more direct than any research report.

The Market Risks Behind Miners’ Exit

What’s more worth noting isn’t just Wu Jihan’s choice, but what it represents: a broader industry trend. Major mining companies are liquidating their Bitcoin holdings, indicating that capital is rapidly leaving the crypto space.

Remember, miners are the “market backbone” of Bitcoin’s ecosystem. If even the most knowledgeable and experienced miners are starting to exit, how can retail investors hold onto their coins? The harsh reality is that among 22 mainstream mining machines, 9 have already hit the shutdown price. What does that mean? Mining at this price no longer even covers electricity costs. Miners face a tough choice: shut down or sell their holdings. Once they start selling, it will further depress the market price, creating a vicious cycle that’s hard to break.

Currently, BTC is around $71,270, up +4.10%. But behind this number, how much pressure is being released? Only time will tell.

Broken Faith or Rational Choice?

Wu Jihan responded on X: “Holding zero now doesn’t mean it will stay that way forever.” It sounds like a defense, but markets are never sentimental. Once the news broke, panic spread. Retail investors were confused, big players panicked, and the entire mining community was thrown into chaos.

Some say this is a black swan warning. I don’t fully agree, but at least we can say: when the most Bitcoin-savvy start to exit, the market has reached a critical turning point. Looking back at Wu Jihan’s two major liquidations, they resemble a recurring fate—he always bets big on the trend, wins fame, loses everything, and no one remembers. He lost in 2017, his reputation fell; in 2026, the outcome is still uncertain, but the market’s panic is already reflected in the charts.

Lessons from the Story

At this moment of Wu Jihan’s liquidation, every market participant should ask themselves—are the coins in your hands a symbol of your belief, or just fuel for someone else’s story? Are you making decisions based on your own understanding, or are you being swept along by public opinion?

The crypto world never lacks stories; what it lacks are people who truly learn from them. Wu Jihan remains Wu Jihan, and the market remains the market. But this time, at the $68,000 level, how many will follow him out the door, and how many will choose to hold firm? The answer will be written into the next eight years of history.