The big pancake dropped to 110,000, ETH fell below 4,700,

Who was dumping last night?

Answer: The exchanges.

In the early hours, ETH surged wildly and was about to break through 5,000.

But a certain leading exchange suddenly closed long positions, selling off about 2,600+ ETH on-chain,

Subsequently, several platforms followed suit, triggering a sharp drop.

Let's just say, who would be dumping the market when the ETF institutions are not at work and most time zones are asleep?

Many KOLs in the English-speaking community @TedPillows suspect this was an exchange-led action.

Moreover, most retail investors didn't benefit from the flash crash “bonus,”

The ones who truly caught this liquidity spike were the market makers.

A textbook-level harvest.

I only went to sleep at four in the morning after playing Mahjong.