From a purely data perspective, at 8:30 AM Beijing time today, approximately 14,000 <$BTC> were transferred into exchanges. So far, 4,000 have been consumed, with nearly 10,000 BTC still remaining at the exchanges, primarily transferred to Kraken. Based on usage patterns, this is likely a selling action by European investors, and since it was a single transfer, it could potentially be an exit by a high-net-worth individual or institution.