Historically, there's a pattern worth noting: the prior 3 instances when funding flipped into negative territory, we ended up hitting a local top. Counterintuitive as it sounds, the data backs it up. Whether that precedent holds this cycle is the million-dollar question. Right now, shorts are getting absolutely crushed—assuming I'm reading the flow correctly, the liquidation levels suggest aggressive shorting pressure. On the equities front, things look a bit fragile too, which adds another layer of complexity. Part of me suspects this cycle might play out differently, but until we see a clear break of pattern, it's worth staying vigilant. The correlation between macro weakness in equities and crypto moves has been tighter than usual.