One bundler, no snipers

The Black Bull went live at 21:05:48 UTC and took 88 trades in its opening window. One bundler landed at block zero holding a supply share of effectively nothing, and no snipers showed up at all. Structure reads Risky, 17/100 — not from bundling or sniper overhang, both measured at zero, but from top-10 concentration sitting at 61.6% of supply.

High Risk 29/100 (lower is cleaner) · 1 of 6 signals elevated, 3 exited

launch cohort took 82.54% of supply