There's a lot of discussion online about the mechanisms behind market cycles in cryptocurrencies, but the topic itself remains unclear; at the crux of it, however, is accumulation and distribution. Accumulation is a process that is defined as either incremental or volatile buying of an asset to increase position size and thus control of supply. The reverse is true for distribution, where a market participant sells an asset either incrementally or in bulk in order to reduce position size.
Welcome to the second instalment of the rich-list case study on Constellation. If you missed the first post in the series, you can find it here. I'd recommend giving it a read if this is your first interaction with a rich-list case study, as it will help clarify many of the points I cover and the reasoning behind my evaluations.