SPORTFUN—This leveraged long frenzy is over and should be put to an end. Over a seven-hour period, open interest shrank; the contract market value evaporated by nearly 20%. When price falls an inch, positions retreat a step—real cash is running for the exit. The share of active bids has slipped below half; the long/short ratio is pinned on the weaker side. Sellers have expanded volume and are pressing buyers so they can’t even raise their heads. On the contract side, only remnants and stragglers are still stubbornly holding on. The spot price is grinding right along the daily low; that earlier big bullish candle has long been fully swallowed. Chasing longs at this point is essentially setting up a blade for the leveraged tide to recede.