币界网报道：Maple Finance [SYRUP] fell 3.25% on June 28, erasing gains from a sharp 6.17% surge the day before. Market conditions analysis suggests that profit-taking by long-term holders is the key reason for the sell-off. According to analysis by AMBCrypto, Binance-based sellers appear to be leading this wave of declines. Smart money is exiting Typically, when prices rise rapidly, the earliest buyers usually sell first. This is exactly what happened. According to Nansen data, SYRUP's top holders, many of whom entered early, realized more than $1.85 million in profits this week. About 65% of the top 100 wallets still hold the token, but outflows are accelerating. In fact, the top three wallets alone have gained more than $911,000. What's more telling? 78% of these addresses are labeled "smart money" - entities known for buying high and selling low. Typically, strong holding behavior may inspire market confidence and convince others to buy. However, current trends suggest the opposite as many investors continue to sell, likely due to previous selling patterns. Binance Traders Driving Selling Pressure Data from Binance’s derivatives market shows that traders on the platform are driving most of the selling pressure. According to CoinGlass, the long-to-short ratio hovers around 0.47, indicating heavy selling. A ratio below 1 typically indicates that selling is dominant, and the further the number moves from 1, the stronger the bearish sentiment. The influence of Binance traders is huge as they control the majority of open interest (OI), volume, and trade counts. On June 28, both open interest and total volume fell, likely due to Binance’s market influence. Volume fell from $451.63 million to $242.31 million, while open interest fell 10.16% to $71.75 million. If the sell-off continues, it could lead to a reduction in liquidity inflows, limiting price discovery as traders stay away from speculation. Spot market sell-off exacerbates SYRUP’s liquidity crunch Spot markets (or non-leveraged trading environments) also saw a surge in selling activity, further reinforcing the market’s bearish bias. On June 28, $2.9 million of SYRUP was sold via net spot exchange flows, according to Coinglass. Trading volume on CoinMarketCap confirms this pattern, shrinking from $118 million on June 26 to $77 million on June 29. Nevertheless, data from CoinMarketCap’s community sentiment chart shows that not all participants expect further declines. On June 28, community sentiment remained bullish, with 85% expecting prices to rise. If these bullish investors continue to step in, SYRUP could avoid deeper losses or even stage a strong rebound.