When institutions sell coins, they use quantitative machines to sell and keep an eye on on-chain movements. The institutions that were once teammates often become opponents during the dumping phase—whoever sells first has the advantage. Once someone takes the lead, those who weren’t planning to sell will have to sell too. That’s why this kind of market trend doesn’t usually end in just one day. It’s like MicroStrategy buying coins—they buy a little every weekend, but if they were to sell, it’d be a little every day. In a bull market, these institutions won’t be your opponents—they’d love for everyone to lift the market together. But in a bear market, they’re definitely your opponents. Whoever buys, they’ll dump on them. When institutions start quoting OTC prices for Bitcoin with a 10% discount, that’s when you know it’s deep in the bear market. Remember Grayscale’s trust? Back when FTX collapsed in 2022, the negative premium could go as low as -50%. If they hadn’t won the SEC lawsuit and managed to convert it into an ETF to keep it alive, the trust investors would’ve lost their shirts.