Three hours of spot order flow: no red candles across twelve K-lines. Big orders show net outflow, smashing even harder than the mid-market did—by several times. Big money is running, while small money is getting chased into it. This kind of one-way collapse is the most ominous. Even though the price is still hovering above the moving average, looking tough, the futures open interest is shrinking and the funding rate has already turned negative. The cost for longs to hold their ground is getting higher and higher—clearly the major players have already pulled out, leaving a bunch of stubborn holdouts to prop up the appearance. I really can’t stand this short-side narrative. Every bullish candle you see in the rebound is just smoke from a retreat. When the next wave of deliberate sell pressure comes down, the ones standing guard will finally understand what real despair looks like.