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Buyback headlines look good. The math behind them tells a very different story. A buyback does not automatically mean supply goes down. What actually matters is execution. Are tokens being burned, or are they just being bought and held? Are unlocks bigger than the burns? I ran the numbers for 11 major tokens over the next 12 months. Unlocks versus real burns. And the results are a reality check. First, the supply INCREASERS. This is where most of the risk is. $KAITO is leading the dilution race with about 99.9 percent more supply coming. Around 241 million tokens unlock, which is nearly the entire current float. The buyback is paused and tokens are being hoarded, not burned. Classic low float trap. $HYPE has the biggest buyback program in crypto at roughly 14 million burned per year. Sounds great until you see 119 million in unlocks. Net result is supply up 47.1 percent. $ASTER advertises a 198 percent program but sends bought tokens to stakers. Burning stopped back in May. Net supply up 23.7 percent. $PUMP burns around 26 billion per year, but unlocks hit 82 billion. Net supply up 14.2 percent. $AAVE is buying with real revenue, but it holds the tokens. No burn. Net supply up 2.9 percent. $PENDLE pays revenue to holders instead of burning. Net supply up 2.7 percent. Next, the flat ones. Not inflationary, not deflationary. Just stuck. $BGB burns 9 million but unlocks 12 million. Net supply up 0.4 percent. $JUP has finished unlocks, but buybacks are just sitting in treasuries. Net 0.0 percent. $OKB is locked at a hard cap of 21 million. Nothing in, nothing out. Net 0.0 percent. Stable, but not a growth driver. Finally, the real supply DECREASERS. Only 2 out of 11. $BNB is the standard. Automatic quarterly burns, zero unlocks left. Net supply down 4.5 percent. Relentless and proven. $RAY has been quietly buying and burning 12 percent of fees since 2022. No hype, no announcements. Net supply down 6.8 percent. That is actual deflation. The takeaway is simple. #SoftPCEStrongDemand #MSFT450BInADay