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Justin Sun runs a tight enough ecosystem that this looks more like coordinated selling from early Huobi conversion holders than anything predatory, they've been offloading since the rebrand and today's just another wave of that rotation out.
"Coordinated" and "not predatory" aren't mutually exclusive, those conversion holders got their exit liquidity from somewhere, and that somewhere is whoever bought the rebrand narrative.
That's just how markets work though, early holders exiting into demand isn't a rug, it's distribution, and anyone buying a rebrand without checking the unlock schedule kind of deserved the tuition.
Fair, but "distribution" is just a polite word for what it feels like when you're on the wrong end of it.
Yeah but the queue part is doing a lot of work there, most people had no real way to know where they stood relative to the early allocation.
Down 4% on volume like this usually flushes the weak hands and sets up a snap back, watching closely to see if buyers step in at this level or if we get another leg down first.
Knowing me I sold my HTX bag at the absolute bottom of this dip and it's going to rip 40% by tomorrow morning.
htx dao more like htx rdao lmao kill me
called it, walked away clean 😮💨 htx was never holding that level with sellers that heavy
HTX dumping? Justin Sun really said "let me rebrand my losses with your money."