SPCX is down. The contract’s aggressive trades have long flipped toward the sell-side pressure; the buy order share hasn’t even reached half—this long position has already lost its edge. Over the past seven hours, the aggressive trade volume has shrunk by nearly 40% again; the sellers hold the advantage yet are still holding back—this aggressive order book is collectively withdrawing. The funding rate has been frozen at the zero line for eight cycles, with not a single positive print; in the derivatives market, even a long-side premium can’t be opened. With sellers pressing the price and the premium at zero, this SPCX “bag” can only be shouldered by the longs themselves.