☹️ $SURPLUS PA is an unfortunate reminder of what can happen when a dev sells into a market that’s already hanging on by a thread. I completely understand the need to fund operations as a former founder myself. But in conditions like these, the market was always likely to react badly. 📊 $SURPLUS 24H onchain via @nansen_ai • -58.3% in 24H • Smart traders: -$46.1K outflow (5.8× avg) • KOLs: -$89.4K outflow (8.7× avg) • Top PnL wallets: -$16.4K outflow • Exchange inflows: +$119K (2.8× avg) • ~$1.7M volume as the market digested the sale 🧠 What stands out • The selloff accelerated between 00:00–02:00 UTC • ~$1.5M traded in just 2 hours, representing ~90% of the day’s volume • Smart traders and KOLs quickly de-risked • Exchange deposits surged • Retail absorbed much of the selling • Confidence evaporated almost instantly 📌 TLDR This isn’t a debate about whether teams should raise capital. They should. The unfortunate part is that @AskSurplus was actually one of the more promising Base low caps before this happened. • smart traders and KOLs were backing • flows were among the strongest in its category • attention was steadily growing • the project was building a loyal following The project had legs. Conviction was growing. And conviction is usually much harder to rebuild than price. Hopefully the additional runway helps the team continue shipping. But today’s move is a reminder that timing matters just as much as intent. Especially when liquidity is thin, sentiment is weak, and risk appetite is close to zero. Markets choppy, 👀 still onchain — follow @Chyan for daily insights. 📶 Use discount code CHYAN via the link in my profile to access the best onchain alpha + flow dashboards on @nansen_ai.