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Glanced over the entire network's fees, basically dead silent around zero, with perpetual basis almost completely flattened. Interestingly, the liquidation heatmap at both ends is clearly packed with stop-loss chips, but market makers don't even spare the gas money to sweep around for hunting. The depth is ridiculously shallow, the order book is as thin as paper, and just a few hundred Ethereum thrown in can create a gap. Without incremental funds digging into their own pockets, it's purely algorithmic orders shuffling left hand to right hand inside. In this vacuum period, whoever reaches out first to probe becomes liquidity nourishment; over twenty thousand dollars worth of bullets keep pressing down, waiting for one side to completely lose balance and explode with real volume before moving. $ETH $ENA $PENDLE