Patrick Shyu (패트릭 슈), a former Google engineer and content creator, said he sold all the cryptocurrencies he held.

On June 25, blockchain outlet U.Today reported that Shyu recently said in a YouTube video that he liquidated his entire cryptocurrency portfolio, including bitcoin, and took major losses in the process.

Shyu is a former Google technical lead who oversaw YouTube app architecture and later worked at Meta as a staff software engineer. He said the recent decline in the cryptocurrency market was far steeper than he expected. He also acknowledged failing to respond as bitcoin recently fell below $60,000 and investor sentiment deteriorated sharply.

In the video, Shyu said, "I sold all my bitcoin and took a massive financial loss," adding, "If you had told me a year ago I'd be saying this on camera, I would have laughed." He said the market decline completely caught him by surprise.

He acknowledged in particular that using leverage amplified his losses. Shyu said bitcoin fell from around $120,000 in October last year to the low $60,000s this summer, calling it a "50 percent crash." He said, "I used excessive leverage. A small mistake led to harsh consequences."

Shyu said his core concerns went beyond a simple price decline. He claimed current market exit liquidity has become much thinner than in 2021. If many investors try to leave at the same time, he said, there may not be enough buying interest to absorb it.

Shyu said, "We are walking on thin ice," warning that many participants still need to exit the market. He cited Mt. Gox creditors receiving 35,000 coins and MicroStrategy holding 850,000 coins. He said they began selling small amounts this year and that retail investors could become their exit liquidity. If the entire market tries to cash out at once, he said, "there may not be enough liquidity for everyone to get out."

He also cited structural problems in the bitcoin network as a reason for selling. Shyu questioned whether network security can be maintained over the long term as miner rewards shrink. Miners are compensated through newly issued coins and transaction fees, and with 95 percent of bitcoin already issued, he argued the fee economy must become more important going forward.

But Shyu said, "The fee economy they must rely on did not emerge," adding that if fees fall, miners could turn off equipment, security could weaken and the network could become more vulnerable. He also mentioned that quantum computing could pose a long-term threat. He effectively raised both shrinking mining rewards and the cost of maintaining security.

Shyu did not completely reject bitcoin itself. He said he liquidated his portfolio but remains positive on the underlying technology over the long term. Shyu said, "I am still a long-term bull," and noted bitcoin has regained attention each cycle. He added that when the market talks about the end of bitcoin, it could instead be a bottom signal.