Timeline first, conclusions after, because I'd rather be argued out of this than agreed with.
Monday 30th June: paid for eight links from a broker I've used twice before. Guest posts, four different sites, staggered placement over the following ten days as usual.
Wednesday 2nd: three of them went live. Anchors were a mix, one exact match, rest brand and naked.
Friday 4th: organic sessions down about 12% against the previous Friday.
Following Friday 11th: down 31% against the same baseline. Same pages, no drop in impressions on brand terms, the loss is almost entirely on four commercial pages that were sitting positions 4 to 8.
Nothing else changed. No deploy, no content, no redirects, robots.txt untouched, no crawl errors, server logs clean, no 5xx spike. I've checked the boring stuff because that's my job.
The obvious conclusion is that I bought eight links and got hit for it inside a week. IME the obvious conclusion is wrong about two thirds of the time, so: what's the other explanation?