Not even willing to pretend anymore—the rebound of $BEAT is essentially a move to ramp up and unload. The contract’s underlying cards are all on the table: the rate, which had peaked, got hammered all the way back to trading just around zero; the basis has been repaired to almost invisible; the active long-to-short ratio was smashed below 1; sellers are taking orders and pressing down on buyers; and the open interest shrank by another chunk within a few hours—leverage has been drained, and the real takers never showed up. The price hasn’t even reclaimed the short-term moving averages. With this kind of tape, $BEAT still has to keep searching for a bottom.