The main players behind this round of dumping: Top player: Wintermute. They’ve gone from dumping 10,000 coins a day to just a few hundred coins over several days now—basically inactive. The coins on Dongda’s side have been completely dumped. Personally, I think part of this is related to judicial actions involving Chen Zhi and other black-market activities. We’ll know in a few months. Another part involves some platforms and exchanges that got insider info and used white gloves to pretend to OTC while cashing out user assets through WM. WM has dumped the largest amount this time, estimated to be over 500k coins. Second player: Mr. Jin. The user assets from the now-defunct BitForex are in his hands. He’s basically sold off everything (probably has a few thousand coins left), so you won’t see him in the next wave. This guy dumped less than 100k coins, but the impact was terrible. Maybe dirty money is just too easy to come by? Third player: Miners from Matrix and Cobo. Together, they dumped around 20k coins, starting from 80k and throwing a lot below 70k. Not naming names, but their skills aren’t impressive. Minor players: iBit, Jane Street, etc. Their selling volume is very small and can be ignored. One more thing: The new HODL players have already shown their hand, but why hasn’t anyone on X mentioned it? What can I say, there are still too few people watching on-chain.