1000PEPE This order book really can’t be washed. In four hours, six K-lines were smashed into five bearish candles. Even rebounds can’t even reach half of the previous high—every time it turns green, it’s an opportunity to unload. What’s even more heartbreaking is that the futures open interest is falling in sync: price is down, positions are shrinking, and longs are still cutting losses and exiting. This isn’t a washout—this is the entire long camp quietly burying itself. That little leftover in the fee rates can’t fool anyone; the basis has flipped negative, and the depth of the spot buy-side simply can’t absorb this selling pressure. Don’t be fooled by the whale accounts still holding long positions—that’s just the last stubborn resistance. Once they start running too, below is just a waterfall.