Two exchange breaches in about 24 hours and the market shrugged, so let me point at the part nobody's pricing. Mercado Bitcoin lost over $40M, with roughly $1.8M of that in PEPE and $1.6M in AAVE still sitting in the hacker's wallet. ZachXBT has a separate EU entity down $106M across multiple CEX accounts. The stolen inventory there is alts, not $BTC. A thief's exit route is the open market. That's forced altcoin supply landing on a tape where BTC is already at $76,670 and every desk is arguing about $75k. AAVE at $128 and the thin small caps absorb that first, and the seller has no view on anyone's thesis. Meanwhile the crowd is buying. cryptorover's $120k-$145k BTC targets pulled 686 likes, which tells you where sentiment sits. That's a position too many people share, and it's priced for a clean dip, not a slow bleed of hacked inventory. My read: the alt bid stays soft while this supply clears, even if BTC holds. If BTC closes a daily candle above $80k with AAVE still under $120, I've got the wrong story.