Oh ok, I don't use that so I don't really know how it works, but I know that the bulk quantity is a filter in the Manage Inventory screen, could you use that to filter your mass update?
It is mass updating the price, but it's a different field for tiered pricing (e.g. when you sell an item at 10 for 10p each / 50 for 8p each / 100 for 5p each etc)
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