The top of the volume table is not demand. Across today's ten largest turnover lines, roughly 100.8b USD prints, and 58.3b of that is USDT at 44.64b, USDC at 12.82b and USD1 at 841.6m, all three moving between 0.01% and 0.02%. More than half the headline volume is stablecoin plumbing re-cycling itself. Net it out and real turnover on that same board is about 42.5b USD. $BTC contributes 25.62b against a 1.63T cap, or 0.016x. The largest asset in the market turned over 1.6% of its value in a day. What price did with that matters more: BTC +0.49% to 81,028 on turnover that re-expanded 5.9% from 24.18b, ETH +0.42% to 2,352.60 on 9.73b from 9.40b. Both green, both feeding in more money, neither gaining a level. Re-expansion that lands on a coin-flip close is two-sided churn: the extra flow displaced the price by nothing, and ETH's sixth straight close under 2,400 is the receipt. Mechanics. This is the third session inside a 21-28b band that was supposed to resolve a two-week standoff. Above roughly 28b with a close under the 79.3k low reads distribution. Back under roughly 21b with the 80k shelf holding reads exhaustion. Today was neither. The churn names confirm it: MPLX +54% on 2.7x cap turnover while AXIS -25% on 3.2x. Size only moves in BTC and ETH, and today it moved nowhere. What invalidates this read is BTC holding 80k on a turnover print above 28b with a close that clears the shelf. Until that prints, green on 1.6%-of-cap turnover is drift, not accumulation. NFA