SNXX’s price action is suffocating me. The major players’ positions shrank by nearly 20% overnight, and the price is still slowly bleeding lower along the moving average. This isn’t a shakeout—the bulls are bailing out first. Funding rates have even turned negative. There are plenty of whale accounts, but the major players’ positions are only just over half. This market is as fragmented as a pile of sand; whoever steps in will be left holding the bag. Think someone’s going to buy the dip after it’s fallen this far? In a market nobody’s playing, bagholders can only stand hand in hand and wait for daylight.