As a blockchain analyst with LSE credentials, I’ve tracked NEM’s wild 24-hour spike: +45.83% amid collapsing volume and divergent on-chain activity. This isn’t luck—it’s structural. Below the noise, three overlooked Layer2 metrics reveal hidden demand: low-liquidity arbitrage, cross-chain settlement velocity, and wallet reactivation cycles. I break down why this isn’t a pump—but a silent accumulation by institutional actors.