The price has plunged nearly 20% from its peak, but the bulls haven’t run—in fact, they’re piling on more positions. When open interest rises but price doesn’t, and funding rates have even turned positive, it means these traders are paying to hold their positions, essentially handing the bears monthly protection money. I’ve seen this setup too many times: funding turns positive, price still can’t push higher, and the next window is when the bulls get liquidated. Meanwhile, big spot orders are still quietly exiting as smaller traders foolishly scoop up the coins. The tokens are moving from smart money into retail hands—how many acts into this familiar play are we now? Once these stubborn bulls have been flushed out, there’ll be far more room to fall than you think.