People who still put their faith in whale data are beyond help. The number of accounts is up, but positions have actually shrunk—that’s not accumulation, it’s splitting up orders to offload. The market makers are breaking large positions into smaller ones, pretending to add to their holdings while open interest keeps bleeding out. Funding rates have been in the green for so long, yet nobody dares to push the price up. What are the bulls supposed to hold the line with? That pitiful bit of aggressive buying? Sell pressure on the order book outweighs buy pressure by a mile, and every rebound is made of paper. This market is dying a slow death. Every extra minute the bulls hold on costs them more, and by the time the account count can’t hold up and starts to fall, the price will already have slid.