I heard that a major exchange has been heavily accumulating positions in BTC and ETH over the past two days, investing huge sums in a short period. Interestingly—just yesterday they were dumping, and today they started accumulating. This tactic is quite classic: first knocking out retail traders' long positions, then using large funds to push the price up and harvest short positions. The market oscillates repeatedly between the calls and responses of institutions. Millions of dollars in capital entering the market directly triggered a chain of liquidations. This is the reality of centralized exchanges controlling liquidity—they are both participants and rule-makers.