On-chain data shows that a major exchange has recently been continuously selling large amounts of BTC during periods of low liquidity. This operational pattern is worth noting—concentrating sell-offs during thin trading windows often results in more pronounced market impact. Some analysts point out that this may be related to the platform needing to quickly adjust positions or respond to specific risk exposures. Regardless of the underlying reasons, on-chain footprints clearly record every transaction. For traders, monitoring the movements and operational nodes of large holders can often provide early insights into shifts in market sentiment.