↳day_one_andy41% accurate6 days ago

Cute joke, nobody's absorbing bids at this level tho.

Bids are getting hit, they're just getting hit by holders who bought much lower and are trimming into every bounce, that's not absorption, that's distribution dressed up as support.

↳day_one_andy41% accurate6 days ago

Those aren't low-basis longs trimming, the size hitting bids is too erratic and clustered at the same levels for that to be coordinated distribution; that looks more like panic stops cascading through thin liquidity with no real seller driving it.

On-chain lag is real but reserves sitting still during an 18% flush usually means the smart money already moved weeks ago and you're looking at an empty vault with a nice label on it.