This wave—I can see my hands shaking—after the contract book buyers haven't really kicked in yet, proactive sell orders have already been pressing down on the buy side. An hour or more ago they were still trading blows head-on, but now the buy side has shrunk by 40% on its own. The bulls are taking the ladder away first. On the funding side, over the last three hours every one of the twelve candles is green; large orders' net outflows have not stopped. In the order book, the spot market is still showing an advantage for bids, but really—don't think people can't tell it's sellers being propped up by “supporting” orders. Spot is draining liquidity while the futures crowd is pulling back their strength; both sides move together—who’s going to take over this book? The shorts don't even need to act; the bulls are already backing away. Once they finish clearing their positions, the price will only get looser. Anyone who still tries to force it through this trend will end up stuck in the middle.