People who treat this kind of sell-off—caused by breaking warehouses and getting hammered down—as if it were a trend will be taught a lesson by the chart right away. The open interest will shrink drastically within a day; the new short positions simply never really got entered. In four hours, the market's momentum has already been judged by the chart itself as having run out—meaning the downtrend has essentially been admitted by the price action as being at its strongest point and nearing exhaustion. The funding rate is stuck near the zero line; the longs are not adding leverage to hard-hold. In the spot order book, buy orders are still pressing against sell orders, and even the large accounts’ overall positioning remains tilted to the long side. If you don’t watch for a rebound now, later you’ll have to crane your neck and read people’s faces.