Today I saw some comments blaming the market drop on Binance's dumping, claiming Binance wanted to quickly recoup stolen funds. M analyzed Glassnode data and found that Binance's 30-day SVDD curve is upward, while Coinbase's is downward. This indicates that the alleged active selling pressure in the spot market that caused the continuous liquidation of long contracts mainly came from Coinbase, while Binance's spot market was primarily driven by active buying. Furthermore, in the last 11 business days, Bitcoin spot ETFs have seen a net outflow of approximately $3 billion. Market drops are always painful, but we must analyze them rationally. Binance is a large company and has an impact on the market, but we cannot attribute the entire market decline to it.