I wouldn't expect mining companies to sit on any crypto assets, so them selling hardware doesn't hurt anyone. It just helps make Bitcoin mining more eco-friendly. We have too many people mining and very small profit margins, with outdated, inefficient hardware. They will be the first to go.

The entire world economy seems to be crashing. It makes sense that institutional investors, hedging their investments from inflation in crypto, would pull much wealth out now to buy the dip in the blood bath of the standard stock markets right now. Bitcoin will recover in the long run. We might lose some weaker and hype-reliant junk along the way, but that is how survival of the fittest goes.