$ON today directly dumped 11.9%. There isn't much to say about the chart—it's just weak. But things outside the market are a bit interesting: Di Marzio leaked details from their side about the final agreement between Liverpool and Inter regarding Curtis Jones. The fixed transfer fee is €30 million, plus €4–5 million in performance-related add-ons, as well as a clause for a share of a second transfer. The deal structure is quite typical: the fixed part isn't that high, while the bonuses and the sell-on split leave room for the future. Against the backdrop of $ON ’s plunge, it seems like capital is not reacting to these kinds of news—either the market doesn’t care about this level of positive/negative developments at all. Right now, the price action of $ON looks more like it’s digesting the earlier run-up. Liquidity is just average, and buy orders aren’t firm enough. Looking back, these kinds of sharp sell-offs are often not driven by a single piece of news; more often, it comes down to position structure—leveraged positions and short-term profit-taking moving together. Next, the key is whether $ON can stabilize at the current level. If it keeps drifting lower, there may be more downside ahead. As for the transfer situation, the negotiations between Liverpool and Inter are basically already in the “done” stage. The player’s personal terms should be fine; what remains is just the official announcement. In this kind of moment, the market’s moves and the off-market information each follow their own logic—don’t force a cause-and-effect link. What $ON needs right now is time to create space.