$ONG ! This spot position’s funding is being systematically withdrawn from the system. The little rebound in the last fifteen minutes is just a placebo; with a three-hour net outflow approaching the hundred-million level, the large orders have been continuously dumping with no letup. On-chain spot leverage’s long/short ratio is nearly three times, with longs getting bunched up together—once the capital pulls out, all that remains are the bag-holders.