Interesting interpretation.
Here is a Holo Audio Spring 2 fed with DSD256 - audible region noise floor is very low. In fact up to 100kHz is low
The DSD256 noise hump that is past 100kHz cannot be escaped of course
But it doesn’t mean at all that 0-20k noise floor has to be high…
Which is why I’m confused by @jkrichards finding of noise at 300kHz causing abnormally high audible region noise floor. Similar finding to Stereophile and HiFiNews
These are all public post measurements on audiophilestyle forum by HQPlayer developer (there are many PS Audio customers using HQPlayer over the years)

