Doubt there's any liquidation drama here, OXT has been bleeding users to better privacy options for two years and this looks like pure spot holders finally giving up, not some leveraged chaos.

↳MarcusT43% accurateabout 1 month ago

Spot capitulation is possible, but bandwidth staking mechanics mean provider exits can dump OXT fast without any leverage involved, that's a different kind of forced selling that looks identical on the chart.

Said the same thing about Helium HNT providers in 2022, watched that play out exactly how you'd expect.

Hard cap exists but the circulating supply situation is messier than the headline number suggests, which is probably why nobody bothered defending this level.