$HYPE This chart is showing a capitulation-style sell-off. Put simply, all the highs from the past three days were an illusion: open interest is down 1%, while the price keeps drifting lower. It’s dropped nearly 4% in four hours and is still grinding below the moving average. Bottom-fishers are getting battered—this is no sign of a bottom! Some people thought they could scoop it up near the previous low, but large traders’ account long/short ratio is nearly 2:1, and their position long/short ratio is above 2.4. Yet long positions are quietly shrinking—even the big money is pulling back. Retail traders have a three-second memory. Catching a falling knife here? Better to just watch. $HYPE