During holidays and special occasions, the crypto market often hides dangers. Once liquidity shrinks, the big players' harvesting begins.

The recent price movement of BCH clearly illustrates the point. The surge to $638 at 9 AM looked like a breakout signal, but it was actually a classic trap—before retail investors could follow, the price plunged directly to $618, and now it’s stuck in this range, repeatedly testing this level. Don’t be fooled by the hype; on-chain data makes it clear.

Today, the XBIT wallet suddenly dumped 14,789 BCH, pushing the transaction price down directly to $563. Such a level of manipulation is beyond retail investors’ capabilities. Even more exaggerated, 200,000 BCH were shuffled between different wallets, with a clear pattern of pulling up the price with one hand and smashing it down with the other.

Why is this happening so easily now? With European and American institutions on holiday, liquidity is already tight. Bitcoin ETF saw a net outflow of $175 million today, leaving mainly retail investors and quant robots fighting each other. In this environment, mid-cap coins like BCH become the testing ground for big players— the $638 move was a test, and the $618 level is now a grinding zone. Once retail investors feel the decline can’t go lower, they might be pushed straight down to $590.

Don’t listen to claims like "the daily chart shows a triple bottom, and $600 is a buying opportunity." The real risk lies precisely in these "seemingly bottomed" levels.