This order book is crushing people’s breath—spot large orders have net flowed out more than forty million in three hours. There isn’t even a single bullish candle; all twelve candles are unloading. While someone is withdrawing, they’re also throwing their chips onto the order book. The price is scraping along the lower edge, the 20-period moving average is pressing overhead, and nobody is stepping in even when several consecutive four-hour sessions turn red. I’m convinced: the active buy-side ratio looks close to seventy percent, but it’s all retail traders trying to catch a falling knife, catching once and getting trapped again. The big players’ positions are still on the long side, but over the past nearly seven hours they’ve started to contract—meaning even “smart money” is loosening its grip. The little thickness in the buy-side on the order book can’t hold for long. With this kind of slow, downward drift, the shorts don’t even need to exert themselves—bulls end up exhausting themselves to death.