BZ’s chart: at the mildest, it’s a shakeout; at the extreme, smart money is closing the net. The number of whale accounts has dropped 20% in seven days, but the long/short position ratio is still sitting at 40% to 28%—it’s only the retail stragglers who are leaving; the big players’ positions haven’t budged. This is no longer about whether to follow them—it’s about whether the big players dare to let go. I don’t believe those damn market makers have the guts to dump their own bags when funding rates are deeply negative and shorts are paying rent every day. If you can’t even hold spot, why trade futures? Don’t come crying when you get liquidated.