updated GSR is likely undergoing major strategic adjustments, and passive MM liquidation is almost impossible. From what we see so far, the core reason for MM adjustments still lies within the projects themselves. Some crypto projects no longer have buy-side demand, and project teams are unwilling to provide funds to maintain liquidity. This includes some well-known projects like asp, etc. When faced with such major industry shifts, GSR will, of course, make strategic adjustments.