In the past two months, there has been a clear divergence in the holding strategies of Bitcoin miners. Previously, miners generally adopted a hodl attitude towards the mined Bitcoin, but since November, the situation has completely reversed—most miners are now actively selling. This shift is quite interesting: the previous enthusiasm for HODL (long-term holding) has faded, and what truly drives miners to continue holding seems to be the price increase. In simple terms, only when the market is trending upward can miners maintain their holding mentality. Once prices stagnate or even decline, selling pressure is released. This behavioral pattern reflects the real considerations of market participants—being patient when prices are high, and cashing out immediately when the market cools down.