60% vs 27%. that difference tells a story a liquidation count alone cannot. @zerufinance studied wallets liquidated on Aave and Morpho during June 2025. among the liquidated Aave wallets, 60% had withdrawn collateral before liquidation. on Morpho, it was just 27%. both groups reached a similar outcome, but their behavior leading up to it was different. Aave's affected users were more likely to adjust their positions, while Morpho's were largely passive. that doesn't prove collateral withdrawals caused every liquidation. it shows why timing and context matter. if a reputation model only records the final event, it misses how a wallet got there. two wallets can experience the same outcome for very different reasons. understanding those differences is what makes behavioral analysis useful beyond a simple risk score.