$HOT This funding rate is getting a little outrageous: -1.6284%, with the near-term percentile hitting 100%. Shorts are piling on leverage like crazy, and 15m OI has jumped by over 6% again, while the price keeps falling—price down, OI up, clearly new shorts are piling in and pushing it lower. But funding is already at a historical extreme on the negative side; if this crowded trade bounces, the short squeeze won't be gentle. Volume is over 5x, and the OI anomaly percentile is 93%. What matters now isn't the direction, but who breaks first. $HOT