They say there’s a basement under the floor. But RIVER—this round—dug the basement one level deeper. Right when it’s almost at the historical low, the funding rate is still positive. Even after longs have been crushed this badly, they’re still paying in their entrance fees on time. I don’t know whether to praise their discipline or their ability to burn money. When prices get hammered down, open interest is still rising—every step lower gets someone to catch it. Every hand that picks up the falling knife turns into fuel for the next wave of hammering. This chart teaches one thing: people catching falling knives are never short of demand—what they lack is a reason for the knife to stop.