The longs on the contract are feeling a bit like they've completely surrendered. Below, starting from 85,000, there are spot orders coming in, adding up to almost 100 million. Above, the purple line is Coinbase selling 3,000 BTC spot directly at 89,000—this is true despair. No need to look at short-term liquidity; the rice below is way at the back, and above, it's all gravy.