1000PEPE On this chart, the bulls don’t even have the intention of continuously flipping and pulling bids—funding rates are stuck on the floor, and the futures contract basis is still accelerating deeper into discount. This isn’t a wash—it’s someone using buy orders as a backdrop to dump! The depth on the order book looks thick when you look at buy-side volume, but it’s all empty shells put on display. Active sell pressure grinds the buying volume right into the ground. Strong supply and weak demand—this is all the confidence the bulls have, and it amounts to nothing. Those spot buy walls can hold up the price, but they can’t withstand the undercurrents behind the contract. It’s just hard to look at.