What opened on July 12 is not a lock—it’s an exit door. Most people are looking at the $PUMP chart. I’m looking at the calendar. Because on that day, approximately 138 million tokens are entering circulation. But the real question isn’t how many tokens are being unlocked. It’s who holds them. When people see an unlock, they automatically assume, “Supply is increasing.” That’s an incomplete reading. If tokens locked in the community are being released, it’s a different story. If tokens held by the team or private round investors are being released, it’s a different story. In this unlock, the majority of the paper is held internally. The mechanics are simple. When demand remains constant but the number of tokens available for sale spikes in a single day, you need a buyer on the other side to allow the insiders to exit. Where is the easiest place to find that buyer? Where enthusiasm is at its peak. So instead of staring at your screen until July 12 and asking, “How many pumps did it make?” ask this: Is this movement drawing in new money—or preparing the ground for insiders to exit?