Some people are still shouting that ETH is a dip to buy. I’m too lazy to hear any more: six consecutive bearish candles in an hour, the price sliding steadily below the moving average, and not even a decent rebound. What are they still waiting for? Perpetual open interest shrank by more than 10% in a day, and the Four Quadrants directly shows a “bulls surrender” card—this isn’t a washout; someone has pulled back, with positions contracting rather than piling up. There may indeed be some bidders on the order book—active buy orders account for more than 60%—but the price just can’t lift. The more they buy, the more it falls. This is “buy pressure propping it up,” not “funds entering.” And don’t even mention that the leverage borrowing ratio crashed by more than 40% within 12 hours. People who borrowed money to go long are already paying it back and running. On-chain leverage is already something nobody dares to hold. This price action looks like a spring compressed for too long—when it releases, it snaps downward. Anyone still standing at the sidelines waiting to catch the rebound will ultimately find that they’re picking up a blade that hasn’t hit the ground yet. Before the knife lands, the hand is gone first.