People keep saying ETH needs to catch up on the downside, but I’m not seeing it at all. Net spot inflows have been positive for 12 straight candles—not a single negative one in three hours. This isn’t small change from retail; big buy orders are propping things up below. Look at the large accounts too: their numbers have kept growing over the past seven hours, and long positions are rising in tandem. The order book shows nearly three times as much size on the best bid as on the best ask. Futures traders have pushed funding rates into negative territory, and positions are still being cut. Shorts are stubbornly holding on despite negative funding, bleeding with every candle. With spot buyers stepping in, big accounts adding, and the order book providing support, what are futures shorts still waiting for? Don’t mistake a pullback for a reversal. Once they get liquidated, this is the starting line.