At the end of the day, crypto fails to pump because most tokens sit in two hands:

- OG whales

- Retail

Whales grew up, started families, and are selling after massive gains. Mostly to institutions, as planned.

Retail is sentiment-driven. Short-term. Emotional. Panic sellers.

Price moves only when supply shifts again to long-term holders.

That’s the Great Rotation.

Everything else is post-factum justification.

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