VELVET: The current order-size fund flow is almost zero. The main players haven’t really made a move—so what can possibly prop up the price. Those short-term tests upward are completely just retail players churning the volume; it’s not worth taking seriously. The whale accounts have been withdrawing for seven hours, and big accounts are exiting too. Don’t get too carried away with this kind of tape—this is the same old script where the rebound pops and then quickly rolls over. If $X breaks down, it confirms the pullback; if $X reclaims and holds, then it counts as a repair.