It looks like someone or someone's unloaded hundreds of thousands of HIVE last night...

There was a motivated seller or sellers of HIVE last night.

And it looks like it was predominately coming from one exchange...

https://wallet.hive.blog/@hot.dunamu

(Source: https://wallet.hive.blog/@hot.dunamu/transfers)

What exchange is that?

Initially I was not entirely sure which exchange this account is used for as I have never used it, but I have seen some evidence it is related to the Upbit exchange.

Actually, digging a bit deeper there is some pretty good evidence that is exactly who it is right here...

(Source: https://wallet.hive.blog/@hot.dunamu/transfers)

Interestingly enough there haven't been any official announcements that the Upbit wallets are up and running, and a lot of the accounts doing the transfers look like they have been created just recently as well...

My guess is this is related to Justin Sun and him dumping intentionally the HIVE he received in the airdrop in order to drive prices down.

And if that is the case, and it is indeed him or someone from his team, he is probably selling the HIVE he received and using the proceeds to support the STEEM price.

It's either that or the Upbit exchange is just dumping their customer's HIVE they receive in the airdrop, which would probably be even worse, for them.

Stay informed my friends.

-Doc