This wave of selling pressure, it is said, is due to a bug where there are no fees for redeeming staked assets. Those who have staked can verify this themselves.

I reviewed the events of the past few days, this is my personal speculation.

After the market opened, there was a pump, staking was opened, high returns, and the price of the coin rose... A large number of retail investors withdrew coins to stake. Due to the 7-day validation period, logically, the first batch of mining and selling should start dumping after 7 days...

The market makers pumped for several days, spot profits, long positions profited, market capitalization soared, continuing to pump would come at too high a cost...

They began to offload, dumping the market, adjusting the candlestick chart... 1: Clearing out long positions, from a high of 1.63 to 0.94, long positions are basically done for... 2: The bug of redeeming without fees caused a downward trend in coin prices, a large number of retail investors hurriedly took back their coins to sell and secure the profits from previous pre-market trading. 3: Since everyone only staked for less than 7 days before redeeming, the subsequent interest was lost, and the risk of dumping after mining and selling was greatly reduced... 4: Many who entered during pre-market trading will choose to take profits and exit, securing their gains. Those who entered at high prices and are timid will also be scared into cutting losses, further reducing weight... 5: Those who should leave have mostly left, and the market makers are picking up chips at low prices, gearing up lightly, what about the shorts? Everyone can think for themselves.

These are all my personal speculations, please don't take them seriously!