With MAGIC, I can’t even be bothered to listen to the bears spin their stories—the moment the price pulled back, open interest surged by more than 40% in one go. A move of that magnitude hardly looks like people heading for the exits. The bid side of the order book is clearly much thicker than the ask side, and aggressive buyers are still overwhelming sellers. It’s obvious someone’s scooping up coins while they’re on sale. A 10% drop in four hours looks scary? That’s exactly what shakes out the weak hands. Funding rates have gone negative, so bears are paying bulls rent every minute they stay in their positions. You think you’re shorting, but you’re actually working for the other side. Once these paid employees can’t take it anymore and the market rips upward, they won’t even have time to get out.