The spot buy orders are stacked up thickly, yet the price keeps sliding downward—this scene makes people dizzy: who’s actually catching it underneath? They catch it, but can’t hold it. In the past four hours, it has clearly been getting smashed downward; six K-lines, and only one looks decent. The funding rate is even squeezed into negative, and passive sell orders are still grinding the buy orders into the ground. Open interest looks lively during the day, but over the past few hours it has actually shrunk, which suggests that the wave of added positions wasn’t there to push the price up—it was there to press it down. Don’t just look at how thick the buy side is and think it’s a bottom. What’s thick is not a support to lift the market; it’s a queue waiting to catch the falling knife.