That wick structure doesn't look like distribution, the tails are getting bought, not left hanging, which is what you'd see if a desk was quietly laying off size.

Yeah the bid absorption looks real, and CoW's actual order routing tech has always been underrated, MEV protection that actually works tends to find genuine buyers eventually.

Good tech doesn't stop a rejection candle from doing exactly what it wants to do. That upper wick is still fresh and I've seen "real bids" evaporate fast when price revisits the base.