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Bitcoin miner Cango has announced it offloaded BTC worth $305 million over the weekend as it looks to fund a strategic pivot into AI compute.

Cango Has Offloaded 4,451 Bitcoin To Fund AI Pivot

As announced in a press release, Cango has completed a Bitcoin sale involving 4,451 tokens. The company’s offloading occurred on the open market over the weekend and was settled directly in the stablecoin USDT.

In total, the sale produced proceeds of about $305 million. “The full amount of the USDT proceeds has been utilized to partially repay a Bitcoin-collateralized loan,” noted the press release.

Founded in 2010, Cango was originally an automotive transaction service platform connecting car buyers, dealers, and financial institutions. In 2024, the firm diversified into Bitcoin mining, initially deploying 32 EH/s in hashrate and then upgrading it to 50 EH/s in 2025. At the same time, it also started accumulating the cryptocurrency.

After its buying over the course of 2025, Cango’s holdings grew to 7,528.3 BTC by the end of the year. In 2026, however, the company witnessed a change of strategy. The firm sold 550.03 BTC during January and now, an even larger sale of 4,451 BTC has come in February.

The Bitcoin distribution has arrived as Cango gears up for a shift into the AI compute business. As the statement said:

The Company is executing a strategic pivot by utilizing its globally accessed, grid-connected infrastructure to provide distributed compute capacity for the AI industry.

Cango plans to pivot into AI through a phased roadmap, with the first phase involving serving demand from small and medium enterprises. A subsequent phase will see the firm develop a software orchestration platform to unify its distributed compute resources. The firm has also announced the appointment of Jack Jin, who previously worked at Zoom Communications, as its AI business’ chief technology officer (CTO).

While Cango is diversifying into AI, it doesn’t seem to be leaving behind Bitcoin mining, at least not yet. “Cango remains committed to its mining operations, with a continued focus on enhancing mining economics and seeking an optimal balance between hashrate scale and operational efficiency,” noted the firm.

The firm’s mining operations are spread across 40 sites spanning North America, the Middle East, South America, and East Africa. In terms of the installed hashrate, the company is currently the joint third-largest public BTC miner in the world.

Cango isn’t the only Bitcoin mining company that is pivoting into AI. Bitfarms, another large public miner, announced last year that it plans to wind down its mining business over the course of 2026 and 2027 as it adopts a GPU-as-a-service model.

BTC Price

Bitcoin has made some recovery since last week’s low as the cryptocurrency’s price is now trading around $68,900.

Bitcoin continues to struggle below the $70,000 threshold, reflecting persistent market pressure after weeks of volatility and weak recovery attempts. Despite occasional rebounds from the $60,000 region, upside momentum remains limited, suggesting that demand has yet to return in a meaningful way. Market sentiment has shifted toward caution, with traders increasingly focused on downside risk rather than breakout potential.

Recent on-chain analysis from Darkfost indicates that realized losses are still dominating market activity. This imbalance implies that a large portion of investors entered positions near recent highs and are now exiting at a loss. Such behavior typically emerges during late-stage corrections, when conviction weakens, and participants prioritize capital preservation over long-term positioning.

Notably, some digital asset treasuries and large investors who accumulated Bitcoin at significantly higher levels are also reducing exposure. While this does not necessarily indicate structural capitulation, it reinforces the perception that confidence remains fragile. Historically, phases where realized losses outweigh profits often coincide with transitional market periods, either preceding deeper corrections or setting the stage for eventual accumulation.

Realized Losses Signal Ongoing Market Stress

On-chain analysis shared by Darkfost highlights a notable deterioration in Bitcoin’s profit-to-loss dynamics. The realized profit-to-loss ratio currently stands near 0.25, meaning that for every $1 of profit realized on-chain, roughly $4 in losses are being locked in. Such a skewed balance reflects a market still processing recent drawdowns, where a significant portion of participants are exiting underwater positions rather than securing gains.

The seven-day moving average of this ratio is now approaching levels typically associated with bear market conditions. This shift suggests that short-term sentiment remains fragile and that selling pressure continues to dominate recent transaction flows. For context, the annual average ratio sits around 6.33, indicating that, over longer horizons, profit realization still outweighs losses due to the inertia embedded in yearly data.

Importantly, realized profits have recently begun to slightly exceed losses after several weeks of persistent deficit, hinting at tentative stabilization rather than confirmed recovery. Historically, periods characterized by panic selling or capitulation can extend for months, particularly during broader bearish phases.

For a durable recovery to emerge, this ongoing purge of weaker hands must likely conclude, allowing unrealized profits to rebuild and restore investor confidence.

Bitcoin Price Tests Key Support After Sharp Breakdown

Bitcoin’s recent price structure reflects a clear deterioration in momentum, with the asset now struggling around the $68,000–$70,000 region after a sharp decline from late-2025 highs. The chart shows a decisive breakdown below intermediate support levels that had previously held during consolidation phases, confirming a transition from corrective pullback to a more pronounced bearish trend.

Price action has also slipped below the short- and medium-term moving averages, both of which are now sloping downward. This configuration typically signals sustained selling pressure rather than a temporary retracement. Meanwhile, the longer-term moving average continues to flatten, suggesting that macro trend support has not yet fully failed but is increasingly under threat.

Volume behavior adds another layer of caution. The latest selloff was accompanied by a noticeable increase in trading activity, often interpreted as distribution rather than passive drift lower. Such spikes frequently appear during liquidation cascades or institutional repositioning.

From a technical standpoint, the $60,000–$65,000 range now stands out as the next critical demand zone. Holding above this region could stabilize sentiment and allow for consolidation. Failure to defend it, however, would likely confirm deeper bear-market continuation rather than a simple correction phase.

Featured image from ChatGPT, chart from TradingView.com