Tax-loss harvesting has been pretty aggressive this year. You're seeing a lot of positions getting liquidated strategically—traders locking in losses for tax purposes before year-end, then repositioning come January. It's a predictable pattern if you watch closely. The sell-off pressure is real, but it's mostly mechanical. Once we flip the calendar, expect some of that dry powder to flow back in. Classic end-of-year market dynamics playing out in crypto just like traditional markets.