Honestly, I think you're right. And I think a lot of schools are doing that this cycle. I've been at 2nd read since 12/10 or so
I've been there since 12/12.
It makes sense to me. If the committee didn't want to accept me after the first read, hold onto it and see what it looks like given the general application pool and then decide later at a second read.
It looks like most who were accepted so far ITT moved smoothly through 2nd committee to decision finalized after a week or a few weeks.
tbh it'd probably be a worse sign to be stuck in 1st committee review forever. I wish I could get a visual on their process and how they sort apps into different piles by preference, etc.
So they probably are widdling ours down pile by pile... I don't think anyone's for sure in a waitlist pile yet