Significant tax loss harvesting activity appears to be underway in crypto portfolios. Year-end positions are being rebalanced strategically, with investors locking in losses to offset capital gains. This seasonal pattern typically intensifies as the trading year winds down. The move reflects sophisticated portfolio management—traders are actively realizing losses on underwater positions while maintaining their overall market exposure through strategic reallocation. It's a common tax optimization tactic, but the scale this year suggests widespread profit-taking and position consolidation across the crypto market.