Sell orders are piled into a wall in the order book, and the aggressive selling pressure keeps coming in wave after wave. Meanwhile, net outflows of large spot orders are unstoppable—price hasn’t collapsed only because someone is still taking a chance with conviction. But it’s obvious that the strength of the buyers is steadily weakening. On the futures side, sellers are actively pushing sell volume to outweigh buy volume; over the past nearly seven hours, buy volume has continued to shrink. Leveraged long positions are quietly withdrawing. Retail accounts are overwhelmingly bullish, with an absurdly lopsided long-to-short ratio. In a situation like this, the more people gather, the more dangerous it becomes. The market actions can’t lie—the inventory is being dumped out. Those who keep stubbornly holding on and imagining new highs are waiting for only a lower position.