At 3 a.m., a screenshot exploded across major trading communities. A publicly listed company once regarded as an industry benchmark made a surprising decision in its latest financial report—selling 24,000 ETH at an average price of $3,068.

The disclosure document plainly stated the reason: to repay debts and maintain daily operations.

An experienced trader in the group lamented, "So-called strategic reserves are just an ATM when you're out of money." That statement struck a chord with many at that moment.

**The Logic of Holding Coins Is Failing**

This large-scale liquidation was less about panic selling and more a lesson in market costs.

The core issue lies here: treating high-volatility assets as financial reserves is essentially betting on the market. When a company's cash flow is tight, the market is often weakening. Your "reserves" not only shrink but also suffer liquidity slippage when converted to cash. Traditional corporate coin-holding strategies reveal fatal weaknesses in such extreme situations—no buffer space, no flexibility.

Long-term holding sounds appealing, but when real pressure hits, you'll realize assets and cash flow are two different things.

**The Next Move in the Market**

Those who see through this move won't just focus on the price drop. The real signal lies elsewhere—capital is never idle; it’s just moving to more efficient places.

How will this sell-off influence the upcoming market landscape? How should medium- and long-term ETH holders adjust their strategies? The market is telling us in real money that survival and growth are sometimes two different paths.