[Analysis Suggests Binance Did Not Participate in Large Sell-offs, Coinbase Suspected of Transferring Trades via Market Makers] Analysis published by Meta Financial AI on the X platform indicates that Binance is not the primary cause of recent market panic and declines. Despite facing historic sell-off pressure, data from Binance's cold wallets shows no evidence of 'high sell, low buy' behavior. Apart from Bitcoin, other major asset wallets also remain inactive. Meanwhile, rumors about 'CZ selling off BNB holdings' are considered an attempt to shift blame for the market downturn, as no significant sell-off records have been found in the related wallets. Additionally, the analysis points out that Coinbase transferred 1,066 Bitcoins from its cold wallet to its hot wallet before the market downturn and is suspected of using market makers to send trades that could not be executed on its platform to other exchanges. Data shows that Binance had the lowest sell-off volume in single transactions exceeding 500 BTC within 24 hours. In response, He Yi briefly commented, 'Noted.'