MOVR, let me be honest: on the surface this “plate” looks like it has near full circulation open—but in reality the valuation cycle has already fallen deep into the cold winter. Not even a fraction of the distance to the historical highs remains. With fully circulating supply, it won’t even leave you with any pretext for imagining an unlock. What’s behind it reflects a systematic cooldown of speculative demand: a deadlock of strong supply and weak demand. The funding rate has stayed negative—while the bulls are hard-headedly holding on with real money. This is a play that only hands out bonuses to the bears—whoever takes the deal is the fool. The thief eats the meat, but you don’t see the thief getting hit!