With it down like this, there are still people cutting losses—my brain just can’t wrap my head around it. $PONS took a full round of smashing today; the four-hour downtrend hasn’t even ended, yet contract open interest is not shrinking but rising instead. The fee rate is stubbornly staying in the positive range, refusing to turn. The longs are topping up with absolute confidence. Sixty percent of the big accounts are still positioning for upside and piling more on. The spot buy orders are stacked thicker than the sell side by a wide margin. The chips dumped by panic sellers have basically all been picked up by big money. By the time the shorts snap out of it, this board is probably already climbing—those unrealized profits that just got warmed up may be returned the same way.