LedgerPrime CIO Shiliang Tang said at the Token2049 "Generating Alpha: Navigating Crypto Markets" themed roundtable in Singapore: "From a historical perspective, many miners were able to accumulate bitcoin without rushing to sell it because they successfully used extra credit to meet their expenses. This time is somewhat different because credit has largely disappeared.

Therefore, bitcoin miners will need to use their inventory of bitcoin to continue to raise their income and expenses. And because the halving is coming, this means they will receive less income after the halving. So this is something they are very aware of before the halving. This has become a game of who will be the first to sell bitcoin before the halving.

Finally, regarding FTX, I think we have recently seen a lot of price actions that are similar to the situation of hedging these sell-off news in advance, which is a very traditional saying. But FTX's sales were only officially approved today. It will take a few weeks to start. Many assets are locked, and the weekly sales amount also has an upper limit and so on. I think this is more like a slow sales process rather than an extreme behavior. I think there are still many off-market transactions, which will reduce the impact on prices. So I think, in the long run, the selling pressure may have been exaggerated."