Bitcoin's massive plunge in Q4 has left the entire market asking one question: Can the major holders still hold on?

Recently, the spotlight has been on a leading institution managing nearly $60 billion in Bitcoin assets. The Q4 market hasn't been kind to them—Bitcoin has fallen by nearly 24%, directly risking billions of dollars in paper losses for the company in just one quarter. Even more painfully, the company's current total market value is approaching the value of their Bitcoin holdings itself. Under this passive situation, market rumors suggest they may be forced to sell off large amounts of assets to save themselves. Once they start dumping, the chain reaction is unpredictable.

The pressure is indeed intense. On December 1st, this institution decisively sold off common stock to raise cash, clearly aiming to stabilize their position. Ironically, not long ago, they were confident about their full-year performance, expecting losses between $7 billion and profits of $9.5 billion, assuming Bitcoin stayed within the $85,000 to $110,000 range. But what happened? Reality slapped their optimism in the face with a sharp decline.

This is not just about accounting figures. It reflects a deeper market signal—when major holders start to liquidate assets to save themselves, it indicates that their resilience is truly being tested. Investors' sentiment is also fluctuating: "Is this a desperate fight for survival, or the calm before the storm?"