A long-running niche theory. The town is the trap; the residents are the prey. Victor's recurring spider drawings would be fragmented memory of seeing the entity in an earlier cycle.
After S4E6
No direct spider reference, but the basement door narrows the cosmology. The architect's identity may not be far behind.
What's confirmed in canon
RecurringVictor draws a spider that no one else identifies.
StructuralThe town has a containment quality. Webs are the natural metaphor.
Where the community lands
Belief 38%, slightly falling. Two readings: spider is MIY's true form, or older than MIY.
Still open
Q1Is the entity behind MIY?
Q2Are MIY and the spider the same?
Q3Is the spider in the lake?
Q4Why does only Victor see it?
Connected entities