It looks like Varnish is using the LRU (least recently used) strategy to remove items from the cache when the cache is populated with things whose TTL (lifetime) has not expired (first delete things whose TTL has expired if the cache is still completely deleted, which recently got access).
Cm
https://www.varnish-cache.org/trac/wiki/ArchitectureLRU
Note that you can look at the n_lru_nuked counter to see the speed at which things are washed out of the cache due to LRU.
Eric J.
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