Today, there is a rather sensitive action on-chain: a large holder pushed 16 million $MERL to Bybit. The scale is not small, and it happened around the unlocking period, making the timing quite intriguing.

Typically, a transfer of this magnitude is either preparing to cash out or to free up liquidity in advance. Regardless of the true intention, it will amplify emotions—especially in this bear-dominated environment.

Many people, seeing this kind of action, will instinctively reduce their positions in advance, resulting in greater short-term volatility. The market is already fragile, and it is now even more susceptible to the “anticipated selling pressure” dragging it down.

At this stage, a rebound is not impossible, but the risks are certainly greater than the opportunities.