Let me be clear once again. The current phase is different in nature from the so-called green-box phases that repeatedly appeared during the uptrend since 2023. This is the most critical difference in the current market environment. In similar phases in the past, large holders were able to truly turn risk into opportunity. There was real and meaningful buying demand through OTC channels. That is not the case today. While short-term rebounds may occur, there is no clear sign of meaningful OTC buying demand. Unabsorbed sell pressure is instead moving directly into exchanges. In addition, sell interest is outweighing buy requests even through market makers. I will share the specific data and evidence behind this assessment at the appropriate time. In short, if a sharp downturn occurs, the market does not appear to be in a position to absorb it unconditionally as it did in the past.(mignolet)