$BTC red 2.8%, eth red 5.2%, eth getting hit harder which tells you where the leverage was sitting.

funding is negative on 13 of 21 coins we track, so shorts are paying to hold on a day the chart is finally paying them. that's a pile of people who got burned shorting the rally now scared to close.

crowd is still 60/40 long on these names. longs averaging down into a 2.8% red candle, that's the setup on 7 coins right now.

$W had $1.6M go onto exchanges today, 1.5% of its cap moved in one day. that's supply that can be sold showing up exactly when price is already weak.

watching if those 60% longs hold through another leg down or if this turns into forced unwinds. NFA