Narrative
Hook: Thin-liquidity spike leads to crowded market; watch for reversals. What happened: 11 windows saw thin participation; 34 occurrences in 90 days. Why it matters: This pattern suggests potential for market shifts; monitor for liquidity changes. Receipts: 90d count 34; 30d count 18; 90d count 34. How to verify: Check 90d count; monitor for new windows; observe liquidity changes.