BTC fell to 110,000, ETH fell below 4700,

Who was dumping the market last night?

Answer: Exchange.

In the early morning, ETH surged dramatically, on the verge of breaking 5000.

But a leading exchange suddenly liquidated long positions, selling off approximately 2600+ ETH on-chain,
Subsequently, multiple platforms followed suit, triggering a sharp fall.

Let's just say, who would be smashing during the time when ETF institutions are not working and most time zones are asleep?

Moreover, most retail investors haven't benefited from the spike "welfare" at all.

The ones who really catch this needle of liquidity are still the market makers.

Textbook-level harvesting.

(Causing me to sleep at four in the morning and wake up at six to catch a flight, I can only say, it was too exciting.