Bitcoin Debts, Liens, and Creditor Claims at Death: What Happens to Your Estate Obligations in 2026

Most Bitcoin estate planning content focuses on a pleasant problem: how to efficiently transfer appreciated Bitcoin to the next generation. That content assumes you're sitting on an unencumbered pile of satoshis, and the only question is which trust structure or tax strategy moves it most efficiently.

The reality for many significant Bitcoin holders looks nothing like that.

If you've borrowed against your Bitcoin, carry outstanding tax obligations, have a margin position that's been open for years, or sold appreciated BTC to an irrevocable grantor trust on an installment note — your estate faces a fundamentally different problem. One that most estate planning attorneys, even competent ones, don't fully appreciate until Bitcoin's volatility forces the issue at the worst possible moment.

The problem: your estate must satisfy every creditor claim before distributing a single satoshi to your heirs. And unlike traditional estate assets — a house, a brokerage account, a bond portfolio — Bitcoin can lose 30% of its value in the time it takes a probate court to open a case file. Or it can gain 50% in the six months after your executor was forced to liquidate at a market low.

This article covers the full landscape of bitcoin estate debts, creditor claims, and lien priorities at death in 2026. If you hold Bitcoin and carry any form of debt, this is the estate planning analysis your attorney probably hasn't given you.

The Priority of Claims at Death

When you die, your estate doesn't belong to your heirs. It belongs to a legal process. That process has a strict priority system, and your family sits at the bottom.

Under the Uniform Probate Code and most state statutes, claims against an estate are satisfied in approximately this order:

1. Federal tax liens — IRS claims take priority over nearly everything. If you owed back taxes at death, the IRS has first claim on all assets, including Bitcoin held on exchanges, in custodial accounts, and even in self-custody (once the estate identifies it).
2. Costs of estate administration — Executor fees, attorney fees, court costs, and the expenses of managing estate assets during probate. For Bitcoin estates, this includes the cost of securing, valuing, and potentially liquidating digital assets.
3. Funeral and last illness expenses — Usually capped by state law, but given priority over general creditors.
4. Family allowances and exempt property — State-specific spousal and dependent allowances. Varies significantly by jurisdiction.
5. Secured creditors — Anyone holding collateral against a specific asset. For Bitcoin holders, this is the critical category: Bitcoin-backed loans, margin lenders, and anyone with a perfected security interest in your BTC.
6. State tax obligations — Income taxes, estate taxes, and other state-level claims.
7. Unsecured creditors — Credit cards, personal loans, medical debt, and any other obligation without specific collateral.
8. Your heirs — Only after every priority class above has been satisfied in full.

This priority structure matters enormously for Bitcoin holders because of a simple mechanical reality: when the estate needs cash to pay higher-priority claims, it must liquidate assets. If your only significant liquid asset is Bitcoin, the executor must sell Bitcoin to pay debts — regardless of market conditions, regardless of your family's preference to hold, regardless of where BTC sits in its cycle.

The executor has a fiduciary duty to settle the estate. Not to time the Bitcoin market. And if your estate plan didn't anticipate this liquidity demand, your heirs will learn about creditor priority the hard way.

Bitcoin-Backed Loans and the Death Trigger

Bitcoin-backed lending has become a core financial strategy for holders who want liquidity without triggering capital gains. Platforms like Unchained, Coinbase, and institutional prime brokers offer loans secured by Bitcoin collateral, typically at 40-60% loan-to-value ratios. The borrower gets cash; the lender holds Bitcoin as collateral.

In life, this works beautifully. You access liquidity, preserve your Bitcoin position, and avoid a taxable event. The borrow-against-Bitcoin strategy has become standard practice for high-net-worth holders.

At death, the entire structure inverts.

How Bitcoin-Backed Loan Agreements Handle Death

Virtually every Bitcoin-backed loan agreement includes a clause that treats the borrower's death as a default event. The typical language reads something like: "The death or incapacity of the Borrower shall constitute an Event of Default, entitling the Lender to exercise all remedies, including liquidation of Collateral."

This means:

• The full outstanding loan balance becomes due immediately upon death
• The lender has a contractual right to liquidate the Bitcoin collateral to satisfy the debt
• This liquidation can happen before probate opens, before the executor is even appointed
• The lender is not required to consult with the estate, the surviving spouse, or anyone else
• If the liquidation generates proceeds exceeding the debt, the remainder is returned to the estate — but the timing and price of liquidation are entirely in the lender's control

At Unchained, which uses a multi-signature custody model, the process is somewhat more controlled — the estate must work with Unchained to address the loan. But the contractual obligation remains: the loan is due, and the Bitcoin is the collateral. If the estate can't repay the loan from other assets, the Bitcoin gets sold.

The Death-Triggers-Acceleration Problem

The "death triggers acceleration" clause deserves its own section because it's the single most destructive mechanism in the intersection of bitcoin estate debts and creditor claims.

Acceleration means the entire outstanding balance becomes due immediately — not on the original repayment schedule, not at some future date, but now. Upon death.

Consider the mechanics:

• Day 0: You die holding $4M in Bitcoin with $1.8M in outstanding Bitcoin-backed loans across two lenders.
• Day 1-3: Your family is grieving. No one has contacted the lenders. No executor has been appointed.
• Day 5-10: The lenders discover the death (death certificates become public, or automated monitoring flags the event). The loans are in default.
• Day 10-30: The lenders exercise their contractual right to liquidate. They sell Bitcoin at whatever price the market offers.
• Day 30-90: The probate court appoints an executor. The executor discovers that 40% of the estate's Bitcoin is already gone.

The executor has limited recourse. The lender acted within its contractual rights. The collateral agreement was clear. The only question is whether the lender liquidated at a commercially reasonable price — a standard that's notoriously easy for lenders to meet.

Now layer in Bitcoin's volatility. If BTC was at $85,000 when you died and the lender liquidated, but recovered to $120,000 six months later, the estate — and your heirs — absorbed that entire loss. Not because anyone made a mistake. Because the contractual structure demanded immediate liquidation at an arbitrary point in Bitcoin's price cycle.

IRS Tax Liens on Bitcoin

A federal tax lien under IRC § 6321 attaches to all property and rights to property belonging to the taxpayer. This explicitly includes Bitcoin. The IRS has made this clear in multiple enforcement actions, and the courts have uniformly agreed: Bitcoin is property for tax purposes, and a federal tax lien attaches to it just as it would attach to a brokerage account, real estate, or any other asset.

If you die with outstanding federal tax obligations — back taxes, unpaid estimated taxes, audit assessments, or penalties — the IRS lien is senior to virtually all other claims against the estate. It's senior to your secured lenders. It's senior to your spouse's claims. It's senior to your children's inheritance.

How the IRS Reaches Bitcoin Specifically

The IRS has three primary mechanisms to reach Bitcoin in an estate:

1. Exchange-held Bitcoin: The IRS can serve a levy on any U.S. exchange (Coinbase, Kraken, Gemini) where the decedent held an account. The exchange must comply. This can happen before probate opens.
2. Custodial Bitcoin: Bitcoin held with qualified custodians is reachable through the same levy process. The custodian must turn over assets sufficient to satisfy the lien.
3. Self-custody Bitcoin: This is harder to enforce but not impossible. The estate has a legal obligation to disclose all assets, including self-custody Bitcoin. If the estate attempts to hide self-custody holdings, the executor and potentially the heirs face criminal liability.

The practical issue: if the decedent owed $400K in back taxes and the estate's primary asset is Bitcoin, the IRS can force liquidation of enough BTC to cover the tax debt — plus penalties and interest — regardless of market conditions. The IRS does not care about your basis, your family's preference to hold, or Bitcoin's 200-week moving average.

The Exchange Levy: When the IRS Acts First

This scenario catches most families off guard: the IRS can levy a Coinbase or other exchange account to satisfy a tax debt before the estate is settled, and potentially before the executor even knows the IRS has acted.

Here's how it works. IRC § 6331 gives the IRS the authority to levy property to satisfy outstanding tax liabilities. When the property is held by a third party (like a crypto exchange), the IRS serves a notice of levy on that third party. The exchange must comply within 21 days.

For a deceased Bitcoin holder who owed back taxes:

• The IRS serves a levy on Coinbase for the decedent's account
• Coinbase freezes the account and liquidates sufficient Bitcoin to satisfy the levy
• The proceeds go directly to the IRS
• The estate learns about this after the fact — possibly weeks or months later

The executor can challenge an improper levy, but the burden is on the estate to prove the levy was procedurally incorrect. Not that the timing was bad. Not that Bitcoin would have been worth more later. The procedural bar is high.

This is why any estate plan for a Bitcoin holder with outstanding tax obligations must account for the possibility that exchange-held BTC could be seized before the estate administration even begins. It's one of the most underappreciated risks in Bitcoin creditor protection planning.

Margin Loans and Leveraged Bitcoin Positions

Some high-net-worth Bitcoin holders carry substantial margin positions — borrowing against their Bitcoin to invest in other assets, fund businesses, or simply maintain a leveraged position in BTC itself. This "buy, borrow, die" strategy borrowed from traditional wealth management has been adapted for Bitcoin portfolios.

The problem: the "die" part doesn't work the same way with Bitcoin margin loans as it does with traditional securities margin accounts.

With a traditional brokerage margin account, the surviving account holder (or the estate) typically has options: repay the margin loan, transfer the position to an estate account, or liquidate systematically. The broker usually cooperates because traditional securities don't lose 25% of their value in a week.

Bitcoin margin lenders are less accommodating. The volatility of the collateral means they have an economic incentive to liquidate quickly after the borrower's death rather than extend credit to an estate that may take months to settle. Most margin agreements explicitly state that the borrower's death terminates the agreement and gives the lender the right to immediate liquidation.

For leveraged Bitcoin holders, this creates a cascade effect:

• Death triggers default on the margin agreement
• The lender begins liquidating Bitcoin collateral
• If the position was heavily leveraged, the liquidation itself may push the price of the remaining position further underwater
• The estate receives whatever remains after the margin debt is satisfied — if anything remains at all
• The capital gains from the forced liquidation create a tax liability for the estate

A holder with $10M in Bitcoin and $4M in margin loans might feel wealthy. Their estate, after death-triggered liquidation at an unfavorable price point, might net $3M for the heirs — less than a third of what the holder believed they were passing on.

The IDGT Installment Note at Death

The intentionally defective grantor trust (IDGT) with an installment sale is one of the most powerful estate planning strategies for appreciated Bitcoin. You sell Bitcoin to the trust in exchange for an installment note, removing the appreciation from your taxable estate while the trust grows tax-free.

But here's what many advisors gloss over: when you die, the outstanding installment note is a claim against the trust.

If you sold $5M of Bitcoin to your IDGT and the trust still owes $3M on the installment note at your death, that $3M note is an asset of your estate. It must be reported on Form 706. And depending on how the trust agreement is drafted, the estate may need to collect on that note — which means the trust may need to liquidate Bitcoin to pay the estate, which then uses those funds to pay creditors and taxes before distributing to heirs.

The circularity is worth pausing on: you created the IDGT to benefit your heirs. But if you die with significant debt, the installment note becomes a mechanism that pulls Bitcoin out of the trust to pay your creditors. The trust was supposed to protect the Bitcoin from estate claims. Instead, the note gives the estate a contractual right to reach into the trust and demand payment.

Strategies to Mitigate the IDGT Note Problem

• Self-canceling installment notes (SCINs): The note automatically cancels at death, so no value returns to the estate. But SCINs require a premium (higher interest rate or higher principal) to be respected by the IRS, and the IRS scrutinizes them heavily.
• Private annuity structures: Similar cancellation-at-death feature, but complex and heavily regulated post-2006.
• Accelerated repayment: If the trust has sufficient non-Bitcoin liquidity, repaying the note during life removes the claim from the estate equation entirely.
• Life insurance held by the trust: The trust uses insurance proceeds to repay the note, keeping the Bitcoin intact. This is often the cleanest solution.

Estate Planning for Bitcoin Debtors

People with significant debt need a fundamentally different estate plan than debt-free holders. The standard playbook — revocable trust, pour-over will, beneficiary designations — is necessary but insufficient when creditors have claims that exceed the estate's non-Bitcoin liquidity.

Spendthrift Trusts Funded Before Death

An irrevocable trust with spendthrift provisions that was properly funded well before death may be protected from the settlor's creditors. The key word is "may." Protection depends on:

• When the trust was funded — transfers made within 2-4 years of death (depending on state law) may be clawed back as fraudulent transfers
• Whether the settlor retained any beneficial interest (most self-settled asset protection trusts remain vulnerable to creditors in many states)
• Whether the transfer was made while the settlor was solvent — if you were insolvent when you transferred Bitcoin to the trust, the transfer is presumptively fraudulent regardless of timing

The Uniform Voidable Transactions Act (UVTA), adopted in most states, allows creditors to claw back transfers made with the intent to hinder, delay, or defraud creditors — or transfers made while the debtor was insolvent. The look-back period is typically four years, but some states extend it further.

For Bitcoin holders carrying significant debt, the implication is clear: you cannot wait until you're deeply in debt to transfer Bitcoin to a protective trust. The planning must happen while you're solvent, well before any creditor claims arise, and without retaining beneficial interests that would defeat the protection.

Domestic Asset Protection Trusts (DAPTs)

Seventeen states now allow self-settled asset protection trusts, where the settlor can be a beneficiary while still claiming creditor protection. Nevada, South Dakota, and Delaware are the most commonly used jurisdictions. But DAPTs have significant limitations:

• Federal creditors (including the IRS) generally ignore DAPT protection
• Bankruptcy courts have shown willingness to pierce DAPTs under federal fraudulent transfer law
• The protection is only as strong as the state's statute, and many haven't been tested against determined creditors with significant claims
• If you reside in a state that doesn't recognize DAPTs, a court in your home state may not honor the protection

For Bitcoin holders with IRS obligations or Bitcoin-backed loans, DAPTs are not a reliable shield. They're better suited for protection against potential future lawsuits, not existing secured or tax creditor claims.

Life Insurance as the Debt Solution

This is the section that matters most if you're a leveraged Bitcoin holder. Life insurance, properly structured, solves the death-triggered-liquidation problem entirely.

The concept is straightforward: purchase term life insurance sized to cover your outstanding Bitcoin-backed loans, expected tax obligations, and estate administration costs. When you die, the insurance proceeds pay the debts — and your Bitcoin passes to heirs intact.

Sizing the Policy

The insurance amount should cover:

• Outstanding Bitcoin-backed loans: The full balance, not just the current payment. Remember — death accelerates the entire balance.
• Known tax obligations: Any back taxes, estimated tax underpayments, or anticipated estate tax. Under the current 2026 exemption of $15 million per person ($30 million for married couples), estates below this threshold avoid federal estate tax — but state estate taxes and income taxes still apply.
• Estate administration costs: Attorney fees, executor commissions, accounting fees, and digital asset management costs. Budget 3-5% of the gross estate as a starting point.
• A volatility buffer: Because Bitcoin can move 20-30% in a month, the insurance should include a buffer above the strict debt coverage amount. A 25% buffer is reasonable.

Ownership Structure: The ILIT

If the insurance is owned by the decedent personally, the proceeds are included in the taxable estate. For estates above the $15 million exemption, this creates a circular problem: you're buying insurance to pay estate debts, but the insurance itself increases the estate tax.

The solution is an irrevocable life insurance trust (ILIT). The ILIT owns the policy, receives the death benefit, and uses the proceeds to purchase assets from the estate or lend money to the estate to pay debts. The insurance proceeds never enter the taxable estate, and the ILIT provides the estate with the liquidity it needs to satisfy creditors without selling Bitcoin.

For leveraged Bitcoin holders, the ILIT isn't optional. It's the structural mechanism that prevents forced BTC liquidation at death. Without it, every dollar of Bitcoin-backed debt becomes a dollar of forced Bitcoin selling at an arbitrary price point.

Filing Requirements: Form 706 Schedule K

When an estate exceeds the filing threshold (currently $15 million for deaths in 2026), the executor must file Form 706, the United States Estate Tax Return. Schedule K of Form 706 requires a complete listing of all debts owed by the decedent at death.

For Bitcoin holders, Schedule K must include:

Debt Type	Schedule K Reporting Requirement
Bitcoin-backed loans	Full outstanding balance as of date of death; identify lender, collateral, and loan terms
Federal tax liens	Total amount owed to IRS including penalties and interest through date of death
State tax obligations	Outstanding state income tax, estate tax deposits, or assessments
Margin loan balances	Outstanding balance with each broker/lender; identify collateral pledged
Installment notes (IDGT)	Reported as an asset of the estate on Schedule C, not as a debt — but the trust's obligation to pay is a liability of the trust
Mortgage notes	Outstanding balance; note whether property passes subject to mortgage or if estate must pay
Unsecured debts	Credit cards, personal loans, medical bills — all listed with creditor name and balance

Debts reported on Schedule K reduce the gross estate for estate tax purposes. This means Bitcoin-backed loan balances reduce the taxable value of the estate — a small silver lining in an otherwise difficult situation. But the deduction only helps estates that are actually above the exemption threshold and facing estate tax. For estates below $15 million, the debt deduction is irrelevant to tax but still very relevant to what the heirs actually receive.

The executor's obligation to fully disclose debts is non-negotiable. Failure to report debts accurately on Schedule K can result in penalties, interest, and potential personal liability for the executor. Given the complexity of Bitcoin-backed lending arrangements, this is an area where specialized counsel is essential — not optional.

Case Study: The Monroe Estate

David Monroe was a 52-year-old Bitcoin holder who had accumulated approximately 47 BTC over a decade of buying. At his unexpected death from a cardiac event, his Bitcoin was worth roughly $4 million. By any surface-level measure, his family should have been well taken care of.

The reality was different.

The Debt Picture

Monroe had $1.8 million in outstanding Bitcoin-backed loans across two platforms. He had borrowed against his BTC to fund a real estate investment and to cover living expenses during a business downturn — avoiding capital gains tax along the way. He also carried $400,000 in IRS back taxes from improperly reported crypto gains in prior years, plus accrued penalties and interest.

Total claims against the estate: approximately $2.2 million, not counting estate administration costs.

What Happened

Week 1: Monroe's family notified the lending platforms of his death. Both platforms triggered the acceleration clause, making the full $1.8 million due immediately.

Week 2-3: The estate attorney filed for probate and the family petitioned for appointment of the executor. During this time, one lending platform began the collateral liquidation process per its contract terms.

Week 4: The IRS filed a claim against the estate for the $400,000 in back taxes. The estate's attorney negotiated to prevent an immediate exchange levy but could not eliminate the obligation.

Day 30-60: Bitcoin's price dropped 15% from its level at Monroe's date of death. The lending platform that had begun liquidation sold approximately 12 BTC at an average price of $72,000 per coin — well below the $85,000 date-of-death value.

Day 60-90: The estate was forced to sell an additional 7 BTC to satisfy the second loan's acceleration, the IRS claim, and estimated estate administration costs. Total BTC sold: approximately 19 out of 47 — roughly 40% of the estate's Bitcoin holdings.

Six months later: Bitcoin had recovered to approximately $110,000 per coin. The 19 BTC that were liquidated would have been worth approximately $2.09 million — versus the approximately $1.5 million the estate actually received. The heirs absorbed a loss of roughly $590,000 from unfavorable liquidation timing alone, plus the $400,000 in taxes and penalties. The total economic damage: approximately $1.2 million compared to what the heirs would have received had the debt been covered by life insurance.

What Could Have Prevented This

• A $2.5 million term life insurance policy held in an ILIT — annual cost approximately $3,000-$5,000 for a healthy 52-year-old male
• A designated liquid reserve (cash or short-term treasuries) sized to 6 months of loan payments, giving the estate time to manage a controlled liquidation rather than a forced one
• An estate plan that specifically addressed the Bitcoin-backed loans — naming the executor as authorized to work with lenders, including provisions for loan assumption or restructuring
• Resolution of the IRS back taxes during life, when installment agreements and offers in compromise were available

Monroe's estate wasn't small. It wasn't poorly planned in every respect — he had a will and a basic revocable trust. But the plan was designed for a debt-free estate. It didn't account for the acceleration clauses, the IRS claims, or the intersection of forced liquidation with Bitcoin's volatility.

Estate Planning Strategies for Leveraged Bitcoin Holders

If you hold Bitcoin and carry any form of debt, your estate plan must address these specific risks. Here are the strategies that work in 2026.

1. Don't Die With More Debt Than Non-Bitcoin Liquid Assets

This is the foundational rule. If your estate can pay all debts from cash, treasuries, or other non-Bitcoin liquid assets, the Bitcoin never needs to be sold. Your heirs receive the full BTC position.

The math is simple: total outstanding debts + estimated estate administration costs + estimated tax obligations = the minimum amount of non-Bitcoin liquidity your estate needs. If that number exceeds your non-Bitcoin liquid assets, you have an estate planning problem.

2. Size Life Insurance to Your Outstanding Bitcoin-Backed Debt

Term life insurance is the most cost-effective solution to the death-triggered-liquidation problem. For a healthy 45-year-old male, a $2 million 20-year term policy costs approximately $1,500-$3,000 per year. That's the annual cost to completely eliminate the risk of forced Bitcoin liquidation at death.

Hold the policy in an ILIT to keep the proceeds out of the taxable estate. Fund the ILIT premiums using the annual gift tax exclusion — $19,000 per beneficiary in 2026, which is typically more than sufficient to cover term premiums.

3. Maintain a Loan-to-Value Buffer

If you borrow against Bitcoin at 50% LTV, a 50% price decline wipes out all your equity and the lender liquidates. Even in life, this is stressful. At death, when no one is monitoring the position, it's catastrophic.

Keep your LTV at 30% or below. This gives the estate time to manage the position after your death rather than facing immediate liquidation pressure.

4. Resolve Tax Obligations During Life

Back taxes don't get easier to deal with after death. They get harder. The IRS collection process continues against the estate, and the executor has less flexibility than the taxpayer had during life. Installment agreements, offers in compromise, and penalty abatement are all more accessible to living taxpayers than to estates.

If you owe the IRS, address it now. The cost of resolution during life is almost always lower than the cost of IRS claims against your estate.

5. Review Every Loan Agreement for Death-Trigger Clauses

Have your estate attorney review every Bitcoin-backed loan agreement specifically for acceleration-at-death clauses. Some lenders may be willing to modify these provisions — particularly for long-standing customers with good repayment histories. Others will not. Either way, you need to know what triggers exist so your estate plan can account for them.

6. Give Your Executor Explicit Authority Over Digital Asset Loans

Your estate planning documents should specifically authorize your executor to:

• Communicate with Bitcoin-backed lenders on behalf of the estate
• Negotiate loan assumptions, extensions, or restructuring
• Access exchange and custodial accounts where Bitcoin collateral is held
• Make strategic decisions about which Bitcoin to liquidate and when (to the extent the lender's agreement permits)

Without this explicit authority, the executor may lack standing to even communicate with lenders — leaving the acceleration and liquidation to run on autopilot.

7. Consider a Liquid Reserve Sidecar

Maintain a cash or short-term treasury reserve equal to 6-12 months of debt service on all outstanding Bitcoin-backed loans. This reserve gives the executor breathing room — the ability to make loan payments while negotiating with lenders, rather than facing immediate default and liquidation.

This reserve doesn't need to be enormous. A holder with $2 million in Bitcoin-backed loans at 8% interest needs roughly $13,000 per month in interest payments. A six-month reserve of $80,000 buys enough time for the executor to develop a strategy rather than reacting to forced liquidation.

8. Coordinate Your Trust Structure With Your Debt Structure

If you hold Bitcoin in an irrevocable trust and the trust is the borrower on Bitcoin-backed loans, the death of the grantor may not trigger acceleration — because the trust, not the grantor, is the borrower. This is a significant structural advantage of trust-based borrowing.

However, if you personally guaranteed the trust's loans, your death triggers the guarantee, which may trigger the acceleration anyway. Review every guarantee carefully with your estate counsel.

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The intersection of Bitcoin, debt, and death is one of the least discussed but most consequential areas of estate planning in 2026. The standard assumption — that Bitcoin holders are sitting on unencumbered digital gold — doesn't reflect the reality of how sophisticated holders actually manage their positions. They borrow. They lever. They defer taxes. They take calculated risks that make perfect sense in life and become catastrophically expensive at death.

Your estate plan must be built for the reality of your balance sheet, not the idealized version. If you carry Bitcoin-backed debt, tax obligations, or margin positions, a plan that ignores those obligations isn't a plan at all — it's a set of documents that will fail your family when they need them most.

The solutions exist. Life insurance is cheap relative to the risk it eliminates. Liquid reserves are straightforward to maintain. Loan agreements can be reviewed and potentially restructured. Tax obligations can be resolved. Every one of these steps is easier, cheaper, and more effective during your lifetime than after your death.

The only strategy that doesn't work is pretending your debts will sort themselves out. They won't. Your executor and your heirs will sort them out — at whatever price Bitcoin happens to be trading on the day they're forced to sell.