It seems the big players in the black market have reached the withdrawal phase of their dumping spree and are nearing the end. BTC has seen a maximum drop of 30% in this round of selling; one has to admire the sheer volume of their holdings. Clearing out their positions early is good for the industry.

Huiwang's actions have given us a profound understanding of the immense power of the gray market, and the negative premium of USDT further reveals its significant influence within the Web3 space. The flow of gray market funds and its interconnectedness with the market force us to re-examine the potential problems and risks within the decentralized ecosystem.