From the data perspective, the recent sell-off is likely caused by spot trading, as contracts are generally ten times the trading volume of spot trading. However, today's sell-off and buying have a large amount of spot trading volume, as the main players operate with contracts. Therefore, it is more like a game between spot retail investors in the market, rather than a sell-off caused by the main players. I have also looked at the accumulated funds of the main players, and there is basically no escape. It is said that an old man woke up and retrieved 9 billion bitcoins, which had been dormant for 14 years! Up to now, it has risen 150000 times, and this guy is selling wildly. Tonight's CPI announcement indicates that funds will seek safety in advance, If it falls first, it will rise later, and if it rises first, it will compensate for the decline later.