1000PEPE This round has slapped my face so hard I can feel it, but the direction is crystal clear: while the price drifts downward, the open interest is shrinking even faster than the price is moving. The longs weren’t killed by the shorts—they withdrew their positions themselves first. Is this the “shorts capitulation” quadrant? Screw that—this is the longs collectively cutting losses and exiting, handing the ground over to the sellers for free. The funding rate has already been bought into the negative; the ones holding the bag not only lose principal, they also have to pay extra to top it off. Who would want to do that trade? Perpetual contracts are the fastest route to the poorhouse—put those words on it and they fit perfectly. Don’t argue with the trend. This leg of the slow bleed hasn’t finished yet; whoever picks it up next is basically paying tuition to the market.