People see open interest climbing and immediately start shouting that it’s about to take off—without even looking at what the price is doing. Price has pushed above all the four-hour moving averages, but five of the last six candles are bearish. How is that accumulation? They’re clearly using good news to load up on short positions. Sell orders outweigh buy orders in the futures market by just under 5%, while spot buying is so thin it doesn’t even reach 30%. The faster open interest rises, the deeper the hole gets. The bulls are still waiting for a rebound? They can wait to become the fuel that fills the hole. I’m not buying it.