HYPE This drop is making my hands itch. The price keeps sliding down all the way, the moving averages are pressing down overhead—yet the futures open interest isn’t decreasing; it’s actually increasing. The long side isn’t admitting defeat; they’re fighting it out while adding more, filling the downtrend channel with their own graves. The funding rate has already turned negative, and people holding long positions are the ones paying for the privilege—what is this called? Paying money to suffer. The spot market’s aggressive selling is even more glaring: over the past three hours, net outflows hit a peak; more than a dozen consecutive candles have been completely lit up by sell orders. Large traders and retail alike are running for the exits, and the only ones left “catching the bids” are those stubborn mouths in the futures market. The four-hour exhaustion signal has long been flashing—downward pressure only brings in more takers, and more takers only deepen the fall. The only way out of this kind of tape is to accelerate the plunge and blow up positions. I’m not berating the longs—I’m just feeling sorry for the orders in their hands… because that’s all fuel for the shorts.