The insider selling tsunami hitting tech and infrastructure names this week isn't tax-loss harvesting—it's distribution before the refinancing wall hits cash flow statements. $CRWD CEO Kurtz dumped $48M across Aug 4-5, $ANET's Bechtolsheim liquidated $312M in a single week, and $UTHR's Rothblatt has been steady-handing shares all month. The pattern is identical: dump before earnings miss or dividend cut becomes visible.

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