$TOWNS price keeps sliding lower without pause, while the open interest is actually being pushed upward—this split-path kind of trading, with the bears effectively laying their cards on the table. Retail accounts are still all going long, but the whales are quietly cutting long positions. Spot capital keeps flowing out; you can’t even make up a net inflow into a single green candle. What difference does it make if the fee rate stays positive—it's longs paying fees for shorts. The more the price grinds lower, the longer you hold, the more you get bled. In this round, I’m standing with the bears. Don’t expect anyone to come in mid-route to prop things up along the downtrend. Any rebound is a chance for the back rows to get on the bus—whoever goes is the one who ends up holding the bag.