At the beginning of this year, BTC Treasury Company has experienced a significant differentiation. Still buying: Strategy spent $2 billion to increase its position of 24869 BTC, with a total position of 843738 BTC, continuing to invest all in. Started selling: MARA Q1 sold 20880 BTC ($1.5 billion) to transform into AI infrastructure, resulting in a loss of $1.3 billion; Exodus Q1 sold 1076 pieces ($87 million); Nakamoto sold 284 units ($22 million) in Q1, resulting in a loss of 239 million in Q1 Metaplanet lost 725 million in Q1 and postponed the issuance of preferred stock. Previously, the market treated all BTC treasury companies as one type of asset, but now it's time to differentiate: Who is still adding positions vs who is starting to sell in reverse. The peak generates false support, and the dusk witnesses the true apostles!