Just saw an on-chain alert, with an address pouring 16 million $MERL into Bybit. The timing is concentrated around the unlocking period, which is almost a textbook-level front-running signal: large holders choose to deploy early to avoid liquidity crunch and larger slippage on the unlocking date, cashing out profits in advance.
The scale of this on-chain activity itself is a strong emotional signal and is likely to trigger panic following in the market. Short-term selling pressure is likely to intensify.
It is recommended to closely monitor the large orders on Bybit's order book and prepare for increased volatility. On-chain data is a fact, but market dynamics are always more complex than data.
