Between OP's presentation and your interesting choice of words to end you comment, I find this new post intriguing: Thread: MT St Helens - 40 Mins Ago Small Earthquake Followed by Steaming Around The Rim
What you are saying is exactly what I had read. we bulge here and there, before readjusting.
Glacial melt contributes to a rise in free water, yet, the rise is not as globally constant as one might think. Look at parts of the Indian Peninsula, now said to seemingly be under water permanently. Yet, is this due to a sinking, or, to a rise in the Indian Ocean? [Actualy, I have not researched this, so I do not know what is being considered.]
Even in Bayou Corne, I saw pictures of the water level of a homeowners dock clearly dropped about 12 inches, yet, with all of the trees havng fallen into the sinkhole, you might suspect a rise in water levels due to that displacement alone. Not so.