Bitcoin market recently experienced a sharp decline, and the behind-the-scenes drivers are gradually emerging. Several institutional players, including a leading exchange and a compliant platform, have recently engaged in concentrated selling, with the scale being remarkable: the leading exchange sold 4,173 BTC, the compliant platform followed with 2,370 BTC, Wintermute sold 1,526 BTC, and several whale addresses were even more aggressive, with a single address dumping 10,516 BTC. BitMEX also did not lag behind, selling 7,516 BTC. In just a few minutes, over 26,000 BTC flooded into the market, with a total value surpassing $2 billion. This wave of concentrated selling was fierce, and it seems that institutions reached some form of consensus during the same period. On-chain data shows frequent large transfers, with a clear lack of counterparty orders, causing the price to drop accordingly. Under these circumstances, retail investors find it difficult to avoid being squeezed out. Market observers need to watch whether there will be further selling or if this is just a phase of distribution.