Is the bulls’ story over? Futures open interest has collapsed in a single day. This isn’t normal position trimming—it’s money fleeing the market. First they pushed prices up to test the waters, then slammed them back down and shook out all the longs who chased the rally. The remaining longs are still stubbornly holding on, while funding rates have already fallen below the average line, making it increasingly costly for them to stay in. The spot market looks even worse: the gap between the best bid and ask is paper-thin, and there’s not a big order in sight. Are we really relying entirely on retail buyers to catch the fall? Ha. Aggressive sellers are grinding bids into the floor, and even the rebounds can’t muster any real height. I’m done listening to people shout “buy the dip.” Smart money is already pulling out, while you’re still trying to catch a falling knife. Once this capitulation phase is over, the longs left standing will just be handing their heads to the shorts.