The large-holder (whale) order book in DRAM is the most typical example of a top-to-distribution selloff: the more accounts involved, the lighter the positions become. In just seven hours, new whale accounts that have just appeared are still adding on, while the true heavy-position direction is already turning around—taking over are the small whales, while the deep, long-established capital is exiting. The derivatives side is even less reliable: buy pressure on the contract exchange can’t even support half, and fees are at the floor. The positions newly piled up are all to make way for big money that’s retreating.