My thought was maybe holders finding old wallets intentionally and trying to cash out but if the timing isn't random..

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To be clear, I have no special insight into these people. It doesn’t seem random to me though. Also the method that they chose … was the one that most directly impacts price. Compared to big companies etc that twap in and do their best to not move price (so you can buy the most without paying higher or sell the most without moving lower)