$ACE The surge in heat that surged upward—on the contract side, the air was let out first. The funding rate kept pinned deep in negative territory; no positive settlement ever came through, and even the premium that longs would need to keep propping it up was refused. Open interest collapsed by a large margin, yet the turnover volume swelled in the opposite direction—money wasn’t going in to add positions; it was borrowing the momentum to get out. The spot market saw a net outflow over three hours that punched a huge hole: out of twelve pillars, not even one turned bullish; the early ones who supported the book withdrew cleanly. In this price, the bears get to decide.