BTC With how this has been trading I am pretty confident of my previous statement that there's likely been one or more major whales offloading billions of Bitcoin at a rapid pace. (Yes I know this might be stating the obvious as clearly we had a lot of selling after such a move. The point I want to make is that it is likely some large unknown seller(s) that have been dumping BTC specifically). Some things I'm seeing: 1. Funding has remained at its highs regardless of the "down only" price action. 2. The Coinbase discount has been at multi year lows for several weeks. 3. Shorts have been hammering price and have not been punished much. 4. Price has been completely ignoring any big up days in the stock market. 5. The past few days especially we've seen some majors have hold up better than BTC. This rarely happens during large corrections unless there's some major selling of BTC specifically going on. If I had to guess, this sudden selling now comes from the fear of some major hack or exploit happening in the future. It is no secret that we're seeing a lot of that right now due to AI. For many (long term) investors it doesn't feel "safe" anymore to just hold your coins in your wallet. Whether it's exploits or quantum in the future, things don't feel as comfy as they were. Obviously this is all just speculation from my side and it's not like we can do a lot with it at this point after the move has happened. The best you can do is watch for the Coinbase discount to slowly diminish from here on out and for funding rates to turn back down. That would indicate spot selling has stalled. I also think that would be the cue for a lot of swing shorts that have been milking this move down from higher to start taking profit which should see the Open Interest come down a bit. Good game to those guys because that was an amazing trade. As mentioned yesterday, the most scary down moves are the ones where there's no direct narrative or reason as to why. Often in hindsight we figure out that it was simply some large player offloading billions in coins. The market is still small enough for single large entities to have such an impact.