More data is emerging suggesting that this sell-off is not a large-scale dumping. The two charts on the left show recent Bitcoin:native transfers into exchanges, and the transfer volume clearly shows no anomalies, especially during this morning's drop, where the transfer volume was normal for a weekend, indicating no large-scale dumping. Looking at the net flow data on the right, there hasn't been a significant backlog of Bitcoin in the past two weeks; the backlog is only slightly higher than normal. Therefore, it still doesn't appear to be a large-scale dumping, but rather a chain reaction of selling due to poor liquidity. After all, liquidity is worst over the weekend, and a concentrated sell-off at this time triggered this drop. It also rules out the actions of early investors, suggesting it's more like short-term investors cutting their losses. Even a weekend sell-off of this magnitude would likely involve a large amount of Bitcoin, dumped directly in the spot market instead of through OTC. Therefore, I still suspect the possibility of insider trading. Pay close attention to any significant negative news, especially from the US. @Gate, for more market information.