After digging a bit further, I think I've (most likely) figured...

After digging a bit further, I think I've (most likely) figured out/spotted who's been selling among the Top20 holders (in ASX) or at least between the dates/timeframe of the two (ASX) Top20 list updates (courtesy of RunDover's 22/02/2023 list and SpiderMonkeyZ's 10/03/2023 list):





From the above two tables (during the period), I concluded that only Macquarie Insto has trade volume (total trade volume circa 280k with net sell volume above 160k) that matches the large (net) selling of 192k from the top20 (broker data has time delays so the 192k might not match exactly due to cut-off dates), i.e. Top#5 in 22/02/23 list named "Woodross Nominees" has become Top#6 in 10/03/23 list whilst under entity "Buttonwood Nominees" after having sold 192k RLT shares via Macquarie Institutional between the above two dates! And I believe they are same entity or at least belong to/affiliated with the same parent company (due to being appeared in the similar position on the Top holders lists (only two+ weeks away) with similar share holding numbers), as well as from the following link (an old Medibank Top20 list; from which one can see that both Buttonwood Nominees and Woodross Nominees use the exact same postal address: https://www.asx.com.au/asxpdf/20141202/pdf/42v6p10rsq0373.pdf). Also from the above tables, Top1 holder - Notable Pioneer seems not selling (at ASX) between the above setting dates (they might have sold some before, but at least not from the above timeframe by the looks, and will need either old Top20 list in ASX to verify their prior selling if any or newest top20 list to see their current holding status.), so for this i tend to concur with wsx that it was not much Geopolitical that resulted in the continuous sp drifting down in recent months, and of course need more data to look into regarding the brutal selldown most recently from say after 10/03/2023 (when Top20 was updated). All in my personal observations. it's not easy for everyone atm esp LTs. Best of luck all.