$PAXG price is rolling around right at the all-day lows; yet on the order book the bid-side has already punched through—selling walls that try to hold can’t even last half as long. The spread is paper-thin, almost face-to-face. The buy volume that actively gets filled grinds the sell orders into the ground. A market that can’t drop is the real gold—under this discount, every mouth is gathering up for positions. On-chain lending balances are still contracting; every lot of new buyers is real money, not a fictitious burst of leverage. Don’t expect it to keep offering cheaper goods for you.