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A former Google and Meta software engineer stepped back from Bitcoin (BTC) and other digital assets after several losses. He cites a general reduction in attention to the asset class among institutional investors, which led to price declines over three quarters.
Bitcoin Whales Have Gone Quiet
After a long period, ex-Meta engineer @techleadhd explained the recent shift in his portfolio and the reasons behind crypto’s sudden plunge. He noted that his entire Bitcoin portfolio has been liquidated, although he remains bullish in the long run.
Sales in the last two quarters were done to limit further losses after the top crypto dipped over 35% within months. The developer plans to re-enter the market at a lower price but hasn’t revealed the exact timeframe.
This is a typical trading pattern for most bulls looking to absorb retail positions during dips. However, dumping one’s entire portfolio could signify a pause before reinvestment.
According to him, market attention has shifted to artificial intelligence products. More firms involved in Bitcoin are pivoting to AI, creating a vacuum that ultimately crashes trader sentiments. A typical example is BTC miners making attempts to stay afloat through AI data centers.
 
He explained that Bitcoin is essentially an attention economy, and traders don’t trade fundamentals. Since attention is liquidity, if the buzz around a product plummets or shifts to another market, a massive price drop is expected.
Using non-fungible tokens (NFTs) as a case study, he highlighted the boom as part of the attention economy, where people paid millions for pieces and held onto these assets. However, prices tanked because attention shifted, and there were no new buyers.
“Price is not about how many people buy and hold it’s about whether a new buyer shows up tomorrow willing to pay more and so the moment attention disappears, so to does the buyer and that’s the whole mechanism and the same may happen to Bitcoin as well. Holding does not save you, only the next buyer does. So the difference is attention.”
Furthermore, the contrast-backed gold in the narrative underscores the precious metal’s prominence across several civilizations for thousands of years. This year, Bitcoin’s slide sparked liquidations from huge corporate holders trying to curb losses. Spot Bitcoin ETFs also recorded a string of outflows before slight recovery periods.