On this SNXX order book, the bulls have already pulled out first. The contract’s主动 selling pressure is one and a half times the buying orders. Meanwhile, the buy-side share has shrunk by nearly seventy percent over seven hours. This scale of sell orders isn’t something retail traders are dumping. Although the big accounts are still net long, the share of long positions is declining. They say they’re bullish, but the body language is honest—no one is taking the selling pressure. Below, there are only lower lots waiting for it.