Idiosyncratic Supply Shock, Not Systemic De-Risking: LSK Treasury Distribution Reprices Alt Beta Under Neutral Dry Powder

A $3.79M project-treasury deposit into Binance triggered $44.66M in LSK liquidations, confirming that with stablecoin telemetry flat and sentiment at 61 (Greed), marginal capital is recycling internally rather than entering the system; institutional frameworks should underwrite velocity and realized fee revenue over narrative beta.