Narrative
Hook: Crowding on ICE is building; thin liquidity is spiking. What happened: 19 mover windows show thin-liquidity spike in ICE. Why it matters: Crowding suggests momentum is getting crowded, raising reversal risk. Receipts: Repeated mover windows, kl_divergence=0, wash_trade_confidence=low. How to verify: Check for increased volume and liquidity depth; look for wash trades.