BICO on-chain activity hovers at baseline, no regime change detected

BICO transfers and volume register at 1.1x the asset's own baseline, a reading that sits inside the normal band rather than above an on-fire threshold.

Current activity logged 39 transfers worth $396.0K over the last hour, yielding a baseline multiple of 1.1x. That level is effectively at the asset's typical pace and falls below the spike threshold.

In isolation, this is a continuation, not a divergence. Volume, while sizable, aligns with the count and does not signal a structural departure from recent behavioral norms.

No unusual attention signature is present. Watching whether the hourly multiple climbs above 2x or mean-reverts will clarify if this is the upper edge of a normal pulse or the start of a shift.