Those who are still fantasizing about a rebound on this chart are basically using their face to catch a free fall. Five consecutive bearish candles in four hours—on the daily chart it’s even worse: one single candlestick wipes out the entire previous day’s gains. The price has long been lying slack below the moving averages—this isn’t a pullback, it’s a slide. The funniest part is that the futures open interest is still high, propping things up halfway; only now has it started to shrink. Yet the funding rate is still positive, which suggests leveraged long positions haven’t given up—they’re using their own bodies to cushion the drop. On the spot side, big orders haven’t managed to produce even a single net inflow bullish candle for nearly three hours; money is being moved out, while people are jumping in. Boiling a frog in warm water—by the time retail investors react, the lid will already be on, and the shorts are waiting to pick up bodies along the slow downtrend.