Half a year ago, institutions still loudly proclaimed "HODL," but now they are quietly changing their tune. A publicly listed company holding nearly 100,000 ETH recently stated in regulatory filings: "Possibly all assets will be liquidated." This is not sensationalism; it is a real event.

A regulatory announcement just broke early this morning, causing a stir in the crypto community. The company explicitly admitted in official documents that they sold approximately 24,000 ETH at an average price of around $3,068. Even more bluntly, they stated: "Selling ETH is to 'maintain company operations'." In other words, their impressive HODL strategy is forced to bow to practical realities.

Here's the interesting part. The document also revealed a detail: the funds from selling ETH are flowing into a decentralized finance protocol called Decentralized USD (USDD). This is not just a simple exit; it’s a reallocation of capital — institutions are shifting from high-volatility asset markets to a new financial system that emphasizes stability and liquidity. This shift alone indicates many underlying issues.

Over the past two years, institutions led by major companies have been aggressively buying Bitcoin, telling a compelling story: embracing blockchain, optimizing asset allocation, and enjoying appreciation. But now? Reality has given everyone a slap in the face. When survival becomes pressing, any lofty narrative can be the first to be discarded.

This actually reflects a key change: the mindset of institutional investors is shifting. They are beginning to realize that, compared to betting on the appreciation of crypto assets, the transparency, predictability, and liquidity of stablecoins and DeFi protocols are more practical in the current environment. From the myth of HODLing to the stablecoin ecosystem, this is not just a change in capital flow but a turning point in market sentiment.

An era may truly be coming to an end. And a new story is being written by those who understand how to flexibly allocate assets.