The quiet selling by Binance brown whale cohort at the end of July marked the most aggressive selling activity since December 2024. More importantly, this selling has emerged after the market was presented with a series of signals capable of creating strong confidence and optimism among investors. As I've repeatedly pointed out, investors do respond to these confidence-building signals. However, the dominant market participants are using that psychology to their advantage. I've consistently emphasized this point at last year's market peak, this January, and again during the April–May period. I'm making the very same point once again today. The real question is whether there will be enough liquidity to absorb this supply if the market eventually turns lower. Furthermore, if this quiet selling by brown whale cohort continues, it may become appropriate to compare the current pattern with the period leading up to the severe market events of 2022. It's still too early to draw a definitive conclusion. However, if this quiet distribution continues, I believe the probability of a major market event will continue to increase.(mignolet)