Bull trap! The long side’s performance is already over. Now everyone entering the market is just counting money for the shorts. With seven hours of positions piling up, the open interest keeps growing, but the value has evaporated by 20%. Under a positive funding rate, longs are paying while getting smashed—this bill can only be settled in one direction. Big players are already reducing longs, while 60% of retail traders are still holding on to long positions. In the end, the ones standing guard are always the loudest crowd that shouted the most.