Price is edging higher, but open interest has plunged nearly 20% in a single day—the longs still left in the market can no longer support this rally. Large spot orders have been flowing out for nearly five straight candlesticks, with net outflows topping ten million over three hours. This isn’t a pullback; it’s a clear-cut exit. The louder the rally, the more decisively money is pulling out. Aggressive sell orders are still hammering buyers, and the long-short ratio says it all. This market is making the point loud and clear: the rise is a short-covering firework display, not fresh money coming in. Once the covering is over, late longs will find themselves at the top of the mountain, holding the last baton—and the moment the wind picks up, they won’t be able to keep their footing.