Concentration ticked up from 32% to 34% among the top 10 wallets while flow remained positive. The pattern is consistent with quiet mid-tier accumulation rather than broad participation.

Impact for a 50 SOL trade fell from 10.1% to 8.4% as pool depth grew by roughly 18%. Bonding curve shape unchanged, still mildly convex past the midpoint.

First negative flow reading of the week, -37 SOL over 12 hours, driven by two mid-sized sells. Concentration held steady, suggesting the exit came from wallets outside the top cohort.

Bonding curve reclassified from near-linear to mildly convex as the pool passed its supply midpoint. Late buyers now pay a measurable premium relative to a constant-product baseline.