It now appears that last month, Wu Jihan's BitDeer liquidated Bitcoin to fund a significant expansion of computing power and infrastructure, shifting to earn US dollar income from AI.

Because: the same electricity is worth 10 times more when used for AI.
Mining companies transitioning to AI have shifted from being structural sellers of Bitcoin to becoming neutral or even potential buyers. The largest group of "natural shorts" in the market is permanently exiting.
And Bitcoin mining itself hasn't disappeared; it has simply changed its form: mining when electricity prices are low, switching to GPU computing during AI demand peaks.
Bitcoin has become a "flexible load" and "insurance mechanism" for the power grid—AI handles profit-making, while mining provides a safety net.
This is not miners surrendering; it’s the evolution of the industry.
As mining becomes a side business and AI becomes the main business, Bitcoin loses a group of forced sellers and gains a healthier supply structure.