$INIT surged from $0.16 to $0.26 before pulling back to $0.2206, up 33.79% in 24 hours, with trading volume reaching $171M. I’ve been watching a few on-chain details and spotted a signal most people seem to have missed: in the 48 hours before this rally, net outflows of $INIT from a certain exchange’s hot wallet were almost zero, yet the price moved first. Normally, if a major player wants to push the price up, they’ll withdraw tokens from exchanges to create scarcity. But this time, $INIT did the opposite—the tokens barely moved, while the price jumped first. That suggests the momentum didn’t come from spot accumulation; instead, funding rates in the perpetual futures market were pushed up in advance, forcing shorts to close and triggering the initial surge. A second observation is even more concerning: near the $0.26 peak, around 0.4% of the total circulating supply of $INIT was transferred on-chain from a cold wallet to a market maker’s address. The transfer happened 15 minutes before trading volume spiked, and the price hasn’t touched $0.26 since. My guess is that some of this 33.79% rally was market makers selling into the buying pressure from latecomers amid high volatility, rather than a pure trend breakout. If $INIT holds above $0.20 and exchange net inflows turn positive, there’s probably another leg up. But if futures continue to account for a larger share of the $171M in volume than spot trading, while cold wallets keep moving $INIT to market makers, the $0.16 low will be retested. Let’s wait and see. What do you think��