$EIGEN price is being smashed down, yet the contract open positions keep growing—this isn’t longs cutting losses and exiting; it’s shorts actively adding more and pushing downward. The quadrant clearly shows the shorts’ dominance. The spot market is even uglier: large orders continue to net out for a whole stretch, and you can’t even see a hint of a rebound. The order book is thin on bids, while sell orders press down layer by layer over the buys. The longs are still clinging to the fantasy of a pullback into the rebound while they wait for daylight—but below, there isn’t even any decent support to be seen. I can’t be bothered to wait: until the leaking barrel is sealed, anyone who reaches out to catch it will be the first to get soaked.