Analysis: The steep drop in BR may be due to non-project-related factors, as no unusual activity has been observed in the mainstream liquidity address.

By: theblockbeats.news|2025/07/09 20:36:47

BlockBeats News, July 9th, on-chain analyst Ai Yi (@ai_9684xtpa) stated that this BR sell-off does not appear to be project team behavior: First, the motivation - with the precedent of the ZKJ crash, such an obvious move is too "brazen." This large-volume wash trading personally seems more inclined to be related to a previous contract/spot; secondly, the data - the project team's main liquidity address still holds $4.685 million in liquidity, with the last operation on July 7th, and there was indeed no activity during the crash.

The three main sell-off addresses in the million-dollar range are all newly created addresses from two weeks ago. After withdrawing funds from the exchange between June 24th and 28th, they immediately started large-scale BR positions, with a clear intent and single source of funds.

Address 0x58 from the TOP4 sell-off addresses has relatively more information. The source of funds can be traced back to as early as 2017, with interactions with established exchanges such as Yunbi/Chinabi/Liqui/YoBit. The methods are no different from the last ZKJ crash - "instant removal of liquidity + large-scale sell-off + multi-address cooperation," but it is still quite challenging to investigate.

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Let us look at the data. Let us be neutral. Let us see if the ice has really melted.

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