The price is sliding along the lower edge of the moving average, four-hour momentum has long drained away, yet the funding rate is still pinned stubbornly in positive territory—while longs, in a slow bleed, are cutting losses one after another and still dutifully paying rent to the shorts. Watching this, I feel secondhand pain for them. Open interest doesn’t fall—if anything it keeps increasing. In the active trading side, it’s all sell orders with sellers rushing to hit bids. Even the long-to-short ratio in the leveraged positions is collapsing downward. It’s plain to see: shorts are adding positions all the way, while longs are de-leveraging all the way. With the moving averages pressing down, momentum gone, and people still mustering strength to pay rent—call it a bottom-fishing opportunity if you want, I won’t stop you. The tuition is something you choose to pay yourself.