Six consecutive bearish candles lined up and marched downward for four hours, with the price failing even to climb back above the 50-period moving average. Then, a single daily K-line completely swallowed the gains from the previous day—this isn’t a pullback at all; it’s clearly a slide. The futures open interest is still sitting at high levels, stubbornly propping things up. The funding rate has already flipped green to red; longs are holding positions, even having funds paid back to them in exchange—actively buying and selling order flow is split fifty-fifty, and no one can push the other. A slow, downward drift is like boiling a frog in warm water: for seven hours, the large holders’ long exposure dropped by a chunk. They’ve already started withdrawing, while retail investors are still standing in place waiting for a rebound. Anyone adding to positions here isn’t acting on conviction—they’re delivering fuel to the counterparty.