BTC Over these three hours, net outflows have piled up like a small hill—funds are being pulled out one by one. On the spot order book, the bid side is so thin it’s like a layer of paper—when sell orders get dumped, there isn’t even a decent bounce. The trading screen is left with nothing but passive battering. Open interest has dropped sharply in a day, and the basis has also slipped into negative territory. This isn’t a washout at all; it’s plainly the people at the table taking their money and leaving after collecting their positions. No need to look at too many data—just this situation alone, the little amount of “catching” from the bulls is basically them using their faces to catch a falling knife. In the short term, there’s only one direction: continued slow drift lower.