According to CoinMeta, as reported by BBX, Cipher Digital disclosed in its Q2 financial report that it incurred a loss of $23.51 million from selling Bitcoin, resulting in the book value of its holdings shrinking to $37.8 million. At the same time, PowerCompute pledged 307 BTC to obtain a loan of $18 million, reducing the annualized financing rate from 12% to 2% in order to repay debts without selling any coins. The market is witnessing a dual evolutionary trend: some mining companies are selling spot Bitcoin under liquidity pressure, confirming their losses, while computing power entities are using high pledge rates of Bitcoin to significantly restructure and reduce their debt costs.