$BZ This downward drift pattern is bleeding the bulls—on the four-hour chart it looks like sideways consolidation, but every rebound wave is capped below the moving average. Each high is lower than the last, and the momentum has already burned out. On the contracts side, open interest is still being propped up, but the funding rate has been steadily dragged down into negative. The bulls adding positions are essentially handing fuel to the shorts. This kind of low-volume, creeping decline is more cruel than a sudden crash—the trend has already chosen its side.