I really can’t figure out who’s still pretending not to see this—spot big orders net outflow has shattered the lows over the past three hours. The money is fleeing faster than anyone else. On the futures side, the aggressive sell volume is directly pressing the buy orders down to the ground and rubbing them again and again; the buy side doesn’t even have the strength to fight back. Open interest is quietly shrinking, while the price is stubbornly propped up without breaking down—this isn’t range trading basing; it’s a sinking ship waiting for the last straw. The number of whale accounts has dropped, yet bullish positions are still piled up at high levels: the people are all there, but the real money hasn’t kept up—clearly someone is leaving first, and the rest are left standing guard. Don’t get complacent: rallies are for distribution. This ladder is already being pulled away.