This is not an ordinary news about a company's reduction in holdings. This is the first public acknowledgment of the ETH treasury model: simply relying on the ETH narrative cannot withstand the pressure of real cash flow.

First, clarify the core information —

Key data disclosed by ETHZilla official:
A total of 24,291 ETH has been sold, cashing out approximately 74.5 million USD.
The purpose is very clear: to redeem priority guaranteed convertible notes (in other words, to pay off debts).

Simultaneously announced strategic adjustment: shifting to RWA tokenization business and ceasing updates to the mNAV dashboard.

How should this operation be characterized? In a word - this is not a market crash, but rather a surrender of the financial narrative.

Why not short ETH?

Many people see "selling ETH" and their first reaction is that it's bearish. But details matter. The purpose of selling is to repay debts, not to escape. More importantly, after selling, there will be no further emphasis on the valuation of the ETH treasury.

What does this indicate? There is no problem with ETH itself; the real issue lies here – using volatile assets as the core assets of a company leads to very unstable cash flow. In other words, it's not that ETH is not viable, but rather that the ETH treasury model cannot go far in the traditional financial system.

The key is to stop updating the mNAV dashboard.

The official statement "stop updating the adjusted net asset value (mNAV) dashboard on the official website" carries significant implications. This means that the company is proactively telling the market: I will no longer rely on net value for valuation. This is not only the discontinuation of a product feature but also a relinquishment of the entire valuation logic of the financial treasury.