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Seven consecutive basing ticks over 105 minutes with flat volProxy at elevated plateau and record session volume point to accumulation structure, not distribution cascade.
Both BTC ($74,650) and ETH ($2,029) simultaneously breached critical structural levels at 08:14 UTC after 7+ hours of Phase 5 basing collapsed. volProxy surged to session highs (BTC 0.0426, ETH 0.0605) with spot volume above $1B on BTC for the first time this session. Funding normalized to zero on both — no perp cascade, pure spot-led selling.