$EWZ plunged straight from $46.27 to $29.98, down 25.59% in 24 hours, while trading volume surged to $111M. This kind of divergence between price and volume had me watching the order book for a long time, and I noticed a signal others might overlook: the large-order flows during the decline weren’t all one-way selling. Instead, there was clear “layered accumulation.” Specifically, in the $30–$32 range, on-chain (in the token transfer records) activity showed a cluster of scattered addresses building positions. Individual transactions were small, but their number spiked—a classic “ants moving house” style of accumulation. Meanwhile, addresses holding at higher levels above $40 were rapidly rotating their holdings, offloading them to these newly arrived addresses. In other words, this wasn’t simply panic selling; it looked more like a deliberate redistribution of tokens. My view is that EWZ has fairly strong psychological support around $30 in the short term, because buying support there is clearly thicker than in the $35–$38 range. Most likely, it will first trade in a narrow range to absorb the panic selling before choosing a direction. But bear in mind that some of the $111M in volume may be wash trading, so real liquidity could be thinner than the headline figure suggests. If it breaks below the previous low of $29.98, stop-loss orders could pour in faster. Let’s see if that plays out. What do you think?