Prices are still grinding lower, with one four-hour bearish candle after another. Every rebound gets pushed back down before it can even hold above the 20-period moving average. Worse, open interest in perpetual futures has shrunk by nearly 20% in a day, and funding rates have turned negative—longs are holding on so stubbornly they’re paying to do it. This isn’t a shakeout; it’s capitulation. The share of whale accounts holding long positions keeps rising. Just watching it wears me out—the so-called smart money seems awfully confident catching a falling knife. Whether the sell-off is over is another question, but at the very least, don’t rush to buy this dip.