I really can’t make sense of this—who would dare smash it in this position? The price is grinding right along the short-term moving averages, yet the futures open interest has jumped several times. The share of long positions in the whale account is approaching 80%, and it’s still being added to. Over on the spot side, the big orders are also net inflows. Retail investors are panic-selling and cutting losses, while big money is aggressively scooping up at the lows—who’s smart and who’s foolish doesn’t need me to spell it out, right? Once this accumulation phase is over, the shorts will have plenty of fuel ready-made.