In fact, the rumors about the so-called veteran players selling off this year have been understood too superficially by many. It looks like they are dumping, but in reality, most of the chips never entered the market; it's more about providing liquidity to the treasury companies, which is completely different from the kind of dumping and rug pulling we imagine.

In fact, 2024 is the real stage of aggressive selling; it was just that the demand was so exaggerated at that time. Grayscale kept dumping, but the market absorbed it all without feeling any pressure. Now, looking back, we realize that was truly a flood of supply.

The reason why the current selling pressure is so amplified is that the sentiment is not in place, and the demand has also weakened. With just a little movement, everyone feels like the sky is falling. To be honest, in the crypto world, it's not always about what you see, but whether you observed it at the peak of sentiment.

So don’t be scared by today’s prices; compared to last year’s large-scale supply, this level of fluctuation isn’t significant at all. It just seems so glaring because no one is willing to take over right now.