$ETH The contract end unilaterally reveals the cards first: proactive matching has the long/short ratio fall below the balance line. The seller flips and presses, beating the buyer down, while the longs respond but their side is still shrinking—this isn’t that retail investors can’t hold on; it’s that futures capital is withdrawing one by one. The basis turns green again, futures and spot turn into a backwardation/discount, and the contract market won’t give even a single unit of premium. Even if prices are pushed higher, it’s still hollow. Large spot orders are pulled out in sync, and the longs’ only remaining route is to have someone else take the bag.