Today, I saw a rather unpleasant action on-chain.

A large holder directly transferred 16 million $MERL to Bybit.

Timing? Just right before and after the unlocking pressure.

This is not a coincidence, this is called — front-running.

We all understand what this action means:

It's not extracting for long-term holding,

It's preparing to sell —

And it’s taking advantage of the relatively decent price available now.

Meanwhile, the price aspect is even worse:

The $0.5 resistance has failed three times.

Every time it approaches this range,

The trading volume increases → Selling pressure intensifies → The downturn happens quicker.

A typical sign that funds are “unwilling to lift the weight.”

How about the sentiment?

BTC and ETH are pulling back,

Risk appetite has already shrunk,

The market is particularly sensitive to all tokens nearing unlocking.

A large number of holders choose to “run one step ahead,”

Who is willing to wait until unlocking day for everyone to dump together?

More critically, the psychological cycle begins to self-reinforce:

Seeing large holders transferring in → Thinking it’s about to crash

Start reducing positions → Active liquidity decreases

Price is under pressure → More people panic

Sentiment declines ≫ Actual selling pressure

In the short term, the story of $MERL is no longer about “can it break $0.5,”

But rather:

How many people want to escape but haven't had the chance to yet.

I don’t predict bottoms,

But when this funding behavior + technical patterns + unlocking rhythm

Stack together —

The trend often only has one direction:

Downward.

Who is the last baton?

Don’t let yourself become the one holding the knife.🚨