1231—funds are shifting from weaker hands to stronger hands. The main players may be using increased volume to manufacture panic and collect low-priced coins. Second, structural on-chain arbitrage or liquidations have appeared: this trading volume far exceeds a normal turnover rate. It’s not ruled out that some institutions use large orders to “trade against each other” to boost distribution, but the fact that the price hasn’t stabilized suggests the buy-side may lack sufficient absorption. Third, this is the last sell-off after a fake breakout. Around 1520 is a prior dense