With a market value of approximately 250 billion dollars and a total value locked (TVL) of 55 billion dollars across its protocols, Ethereum continues to be the center of on-chain economic activities.(

💤 A dormant pre-mine address containing 99 #ETH (192,191 USD) has just been activated after 10.6 years (worth 30 USD in 2015)!

The cryptocurrency market is once again filled with the familiar debate: has the well-known “10 AM dump” pattern finally ended, and is the increasing legal pressure on market makers the main reason behind recent stability? Over the past few weeks, traders have noticed repeated sell-offs around midday, roughly when the US market opens, often triggering stop-loss chains and short-term panic. But with recent rebounds across major assets like Bitcoin, Ethereum, Dogecoin, and GateToken, many are wondering whether the pattern has fundamentally changed. The so-called “10 AM dump” refers to a wave of repeated selling pressure that often appears shortly after the US stock market opens. Since crypto trades 24/7, liquidity dynamics often shift as Wall Street participants enter the arena. Algorithmic trading desks and high-frequency firms tend to balance their positions during this time, sometimes causing sharp, temporary volatility. Retail traders, seeing red candles form quickly, often interpret this as coordinated manipulation by large market makers. However, attributing every sell-off to deliberate price suppression oversimplifies how liquidity works. Market makers provide two-way quotes. Their goal is to earn spreads and manage inventory risk—not specifically to steer price direction. This means that when order books are thin and leverage positions are high, even routine hedging flows can create exaggerated movements. In such environments, relatively small sell order surges can trigger chain liquidations, amplifying declines and reinforcing the “pattern.” Recently, regulatory scrutiny of digital asset trading practices has increased globally. Authorities have intensified focus on transparency, wash trading, insider coordination, and potential conflicts of interest between exchanges and liquidity providers. While no enforcement action has directly ended the intraday pattern, the broader oversight environment may encourage more cautious behavior among institutional players. Firms operating under stricter compliance expectations often reduce aggressive short-term tactics that could attract unwanted attention. At the same time, market conditions have structurally shifted. Open interest in perpetual futures has become heavily skewed toward the short side during the recent correction. When too many traders lean in one direction, the market becomes vulnerable to a squeeze. Instead of the usual 10 AM sell-off, we’ve recently seen the opposite: sharp upward moves liquidating short positions. This indicates that positions, not just legal fears, play a central role in reversing intraday dynamics. Another key factor is liquidity depth. As total crypto market capitalization stabilizes and spot ETF flows normalize, order books become thicker. Deeper liquidity reduces the impact of sudden order surges. If buy-side demand is strong enough to absorb early session selling, the so-called dump won’t occur. In such cases, what traders see as the “end of manipulation” may actually be a natural balancing of supply and demand. It’s also worth noting that markets evolve. Patterns that become widely known tend to lose their effectiveness. After traders anticipate a 10 AM decline, they adjust their strategies—either by front-running or fading the move. This behavioral adaptation alone can disrupt recurring intraday swings. Markets are reflexive; when enough participants expect the same outcome, the probability of that outcome changes. So, is the 10 AM dump truly over due to legal pressures on market makers? A more nuanced answer is that many forces are at play. Increased regulatory oversight may encourage more disciplined liquidity provision. Position imbalances have shifted, turning potential declines into short squeezes. Liquidity conditions have improved, dampening volatility spikes. And trader awareness has altered behavioral patterns. The current rebound across major tokens suggests confidence is gradually returning. Whether this marks the start of a sustained bullish phase or just a temporary structural reset will depend on macro liquidity, ETF inflows, and derivatives positioning in the coming weeks. For now, one thing is clear: the market is less predictable than any single narrative. Rather than focusing solely on alleged manipulation, disciplined traders should monitor liquidity depth, funding rates, open interest, and macro catalysts. In crypto, patterns don’t disappear for one reason—they evolve as the ecosystem itself continues to develop.