When prices are being hammered down, positions are still being withdrawn outward. In a single day, more than 10% of value evaporates. The proactive buying side can’t even account for five consecutive days. This isn’t a washout—it's the bulls themselves stepping on their own feet. Large-holder accounts may show a high long-vs-short ratio, but their actual, real-money positions don’t dare to keep up—long exposure is scared. This kind of inflated “padding” is the most deceptive. Even the leverage-and-borrowing side is more outrageous: the scale of borrowed positions increased by 70% in half a day, yet the price wasn’t held steady. Borrowers were very eager, but the logic is obvious even with your eyes closed: spot large orders are running, futures longs are withdrawing, and a group of leveraged clients keep feeding fuel to the fire. Once borrowing costs start grinding up, this group becomes the raw material for the next round of panic selling.