What’s playing out on this board is a leveraged graveyard: borrowed funds are poured into the market in one rush, yet the spot leverage long/short ratio collapses like the foundation has been pulled out—those borrowed coins never really went to the order book to take the seats; they’re all locked in the hands of the longs, waiting to be slowly bled out and harvested on the way down. Price is pinned below the moving averages and can’t breathe; entering with incremental positions is nothing but paving the way for further downside. The bears don’t need to do much this time—just wait to collect the bodies.