Here's a detail about the dump on the 5th: In the past, it was always OKX, Crypto.com, Bybit, Bithumb—these exchanges' hot wallets transferring to Wintermute. I’ve mentioned before, the purpose of doing this is to disguise it as a whale withdrawing coins from the platform to do OTC trades with WM. This creates a layer of separation from the exchange, so if something goes wrong, it’s hard to trace back to the exchange. Both WM and the exchange can shift the blame. But the 5th was very unusual. A large number of transfers to 1kb came directly from several small coin addresses, skipping the hot wallets entirely. These addresses clearly look like direct withdrawals from users' exchange deposit addresses. Why do it this way? My guess is that the platform bosses think Bitcoin is about to crash and couldn’t be bothered to hide it anymore. They just sent the coins directly to WM to dump, skipping one on-chain confirmation to speed up the dumping on Binance. Keep in mind, only the platform has the private keys to these coins—whale withdrawals wouldn’t have this kind of transaction structure. Here’s the key point: This is direct evidence of exchanges participating in dump manipulation. As long as the source of these addresses can be confirmed, it’s game over. The truth might be terrifying—many platforms are using users’ Bitcoin to gamble on price manipulation.