The longs who are still insisting on their stubborn stance—this price action has me gasping. Prices are being poured downward; contract open interest is shrinking along with it; even the funding rate has slipped into the negatives, which shows the bulls aren’t holding up—they’re liquidating and bailing. And those big orders in the spot market are also being withdrawn. A net inflow turning positive over three hours? That’s a fake face meant for the next sucker. Truly impressive—this chart from within to without reeks of surrender. On the slow, bearish drift downward, there isn’t even a shadow of anyone stepping in to take the bag. Whoever’s buying is just using it as a cushion.