A rare moment of consensus between longs and shorts right now: prices are still dropping, yet positions are still being built up. Spot markets truly have big money flowing in, but that money has been smashed into twelve consecutive bullish candles—without even a splash. If the price doesn’t rise, then that money is someone using spot holdings to offload. What’s most worrying is that in major accounts, more than 70% of the long positions are still stuck at high levels. The funding rate is so low that no one is willing to take over; leveraged borrowing shrinks to just one-tenth over twelve hours. Who is holding the bag is crystal clear. This trend is suffocating me—I can’t breathe. The more positions are piled up, the higher the level of this “sweet-tasting” noose. Once the liquidation clock strikes, this batch of longs will themselves be the fuel for the stampede.