Now it seems much clearer. The 1kb address is a white glove, or an intermediary's white glove. Wintermute was directly or indirectly involved in the sell-off and price dump. It might not be related to Binance, but it is connected to smaller platforms, like the Korean exchange that recently reported the 'mistaken transfer' of BTC. The dumpers are highly likely to be from 中国 or 中国 law enforcement. Judging from last night's announcement by the eight ministries, this seems to be a coordinated action to assist the dump. It's speculated that the coins might be linked to Chen Zhi or gray market activities. The amount dumped exceeds 100,000 BTC, triggering frontrunning by some insiders or small-to-medium exchanges who got wind of it early. Meanwhile, the BTC dump caused a liquidity crisis, dragging down altcoins. The drop in major coins like ETH and SOL triggered market makers to arbitrage alt/BTC trades, which further deepened BTC's decline. Many small-to-medium platforms participated in price betting, significantly reducing their reserves of Bitcoin and Ethereum. They are now in deficit—withdraw your funds quickly. From the on-chain data, the dumping climax seems to be over (buy it or don't, up to you).