The ALLO price is scraping along the day’s low, futures quotes are a whole segment lower than spot, and open interest is collapsing right along with the price. This isn’t a washout—it’s the longs themselves slamming their own cards on the table and admitting defeat! For three hours, net capital outflows have kept pouring out, and not even a single strong move has been “raised” up. The large players’ long positions are still being withdrawn, and there isn’t even a shadow of anyone off-exchange willing to step in. The fee rate flattening even more looks like the longs are stubbornly holding on by force. Those who chased in at yesterday’s high are up here on the mountaintop still blowing in the wind—most likely their chips are still locked in the vault and haven’t been released. With supply lining up and waiting, the “buyer” the longs are hoping for probably hasn’t even left the house yet.