A massive on-chain transfer suddenly exploded today: a certain address directly deposited 16 million $MERL into Bybit. This volume is already far beyond the scope of normal rebalancing, and the timing is right on the eve of the OTC unlock. Clearly, this is a whale cashing out and exiting early, with no intention of waiting for the unlock date and squeezing out with everyone else.

The damage of this move goes far beyond just crashing the price; what's even scarier is the precise blow to sentiment. When retail investors check the on-chain data and see tens of millions of tokens being sent to the exchange, their first reaction is, "The whales have run, how can I hold on?" Panic spreads like a virus in an instant: those who were planning to sell speed up their orders, those who were hesitating cut their losses and exit, and those who planned to catch the dip immediately close their buy orders. The result is one-way liquidity drying up, the price goes limp like a noodle, and the lower it drops, the fewer people dare to touch it.

The situation for $MERL is now very clear:

Big money is voting bearish with real action, small investors are terrified and lost, buyers have completely gone on strike, and only selling pressure is being vented unilaterally. The entire market is completely controlled by bears, and none of the necessary conditions for a rebound (capital, sentiment, logic) are present.

To put it bluntly, this is no ordinary pullback—it's a classic panic stampede triggered by capital flight. Most likely, we'll see accelerated downside next, and it's even possible to hit new lows in a short period of time. Any fantasies of a "final dip before the unlock" or "rebound after whales dump" are just self-comfort.

The most realistic scenario right now is: bears continue to harvest, prices keep searching for a bottom, and only when selling pressure is fully cleared and fear is pushed to the extreme will we see a real bottom signal. Until then, shorting with the trend or simply staying on the sidelines is the most cost-effective strategy!

#MERL #Crypto #Crypto