Four straight hours of consecutive declines with a volume-assisted dip; all short-term moving averages have been broken to the downside. In this market, the bulls are still using a so-called "oversold rebound" to give themselves courage. On the spot side, large orders have net inflows for twelve bearish candles, but over the past three hours the net outflow has surged to an exaggerated level—when the big players distribute and retail money catches it, the slightly positive funding rate won’t be able to support much buying pressure. Open interest is not rising but shrinking; the contract side has persistent aggressive sell orders pressing down on buys—this is a classic downtrend continuation structure. While others are staring at a fifteen-minute bounce and calling it the bottom, I’ll concede that; this market is the shorts’ arena.