In the comments of last week's article, a reader asked:

“Why does Vitalik always sell Ethereum during market panic?”

I have indeed seen Vitalik sell Ethereum from time to time, but I’m not sure if it’s always during market panic.

Not only Vitalik, but the Ethereum Foundation also sells off from time to time.

In addition to them, recently it’s been reported online that Peter Thiel has almost cleared out his previously purchased shares of BMNR (the Ethereum treasury company).

I don’t know why they are selling, but I generally don’t care about such news; I still focus on the fundamentals of Ethereum:

- Whether the fundamentals of Ethereum have deteriorated, and whether it has deviated from its core values.

- Whether Vitalik and the Ethereum Foundation’s plans for the future and each upgrade are strengthening its moat.

If these fundamentals have not changed, I will completely ignore other information, such as buying and selling, trading, etc.

I remember in an article from last year, I introduced Dan Bin’s "The Rose of Time." While introducing that book, I specifically shared two "interesting anecdotes" that Dan Bin recounts from Tencent’s early development.

Those two "interesting anecdotes" were among the most impressive points I took away from that book.

The first was a large-scale collective sale by Tencent’s executives during Tencent's early years.

The second and more shocking was a large-scale sale by someone with close blood ties to Tencent’s top management.

Without having to use imagination, we can easily guess the kind of impact those two sales had on the market at the time and the effects they caused.

Time has passed, and now when we look back at these two sales, were those selling actions correct from an investment return perspective?

The answer is self-evident.

As for the reasons for their sales, at the time, it must have been the topic of much debate and speculation, but now I estimate that not many people care about it, and many probably don’t even remember those events—if it weren’t for Dan Bin revealing them in the book, I certainly wouldn’t have known.

For Dan Bin, who experienced it firsthand, he said:

Faced with those two sales, he still believed that the fundamentals of Tencent had not changed, and he continued to believe in Tencent’s future.

So he held onto Tencent’s stock until later.

Over the past few years, I have changed many of my views on Dan Bin, but I have always been quite admiring of this point.

Now let’s look at a more recent and spotlighted subject: Nvidia.

Since the year before last until the beginning of last year, there has been media reporting that Jensen Huang was selling his company’s stock. The discussions about this were endless. And these discussions peaked at the beginning of last year.

Why?

Because the emergence of DeepSeek "collapsed" Nvidia’s stock price, and just before that price drop, Huang sold off.

“Huang is really clever, such a precise escape from the peak, what is this if not insider information?”

In just over a year, Nvidia's stock price is more than 50% higher than it was when Huang sold off/ before it was collapsed by DeepSeek. Furthermore, after the latest financial report was released, the stock price had a rebound.

Is there still discussion about the reasons for Huang’s sale now?

Not at all, and we have seen that since then, Duan Yongping and more have been increasing their positions in Nvidia.

Of course, I don’t mean to say that their reasons for increasing their positions in Nvidia are correct, but I believe:

Huang's sale had no impact on other investors' actions in increasing their positions.

So, as investors, we need to return to the fundamentals of investing, return to our own investment logic, and not be disturbed by market noise.

If someone else's sale affects the company's/project’s fundamentals, we must pay close attention; otherwise, we can completely treat it as noise and interference, and decisively filter it out.

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