Scariest of all is this kind of situation: spot is seeing net inflows twelve times in three hours—no breaks in the order flow—while large orders are still being pulled in truckload after truckload. Yet on the futures side, the open interest is shrinking, and the price has been sliding all the way down from the high point. In the past four hours, the net downside on the K-line is even larger than the intraday upside. The number of accounts has jumped by almost 20%, but the positioning ratio has turned downward—this shows that the big players aren’t really entering; they’re breaking up orders and distributing the chips in small lots, feeding those retail traders who rush in just because they see capital inflows. Don’t get sentimental about that single-day big bullish candle. The short-term structure has already been dominated by bearish candles—once the disagreement at the highs keeps rolling, it only gets bigger. People who think they’ve caught the bottom are actually being handed chairs by those who are exiting after their orders were broken up.