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Currently, the main motivation for dumping is mostly spot trading, with fewer contracts being sold off.
There is a huge trap here: if you analyze from volume and price perspectives, you might conclude: no volume at high levels, the main players haven't sold off, so there are still opportunities ahead.
In fact, this conclusion isn't necessarily correct, for two reasons:
1. One possibility is that the main players aren't selling because liquidity is too poor, making it inconvenient to dump, inducing more buying.
2. The main players might be hedging in other markets.
The recent surge from 80k to 97k was such an operation—no selling at high levels, but then it dropped to 60k USD, and as you saw, the result.
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