Price behavior as a reflection of the interests of the issuer and the structure of issuance
Price movement is often perceived as a result of market emotions or external events. However, when observed over a longer horizon, it becomes evident that the price regularly responds to the internal architecture of issuance and distribution of the asset.
The emission structure sets the rhythm of new supply emergence. Unlockings, rewards, and distributions create recurring pressure points, regardless of the current market sentiment. In such conditions, the price adapts not to news, but to predictable flows.