It is unreasonable to immediately interpret the current decline as a trend reversal. The structure in which both price and open interest peak together and then decline is more accurately viewed as position liquidation (deleveraging) rather than new short entries. This is a natural market flow following the conclusion of an upward wave, rather than a strong surge of new positions immediately following. Notably, the CVD has remained relatively intact, indicating that this decline is not driven by aggressive market sell orders forcefully pushing price lower. This supports the interpretation that the move is primarily deleveraging-driven rather than a strong taker-sell-led drop. However, the fact that CVD remains intact does not imply an immediate reversal to bullish momentum. The divergence between rising long positioning (upward-sloping CVD) and falling price suggests that buyers are not receiving price appreciation as a reward for their aggression. This could also be interpreted as buying pressure being absorbed at upper resistance levels. Therefore, the current phase should be viewed not as a confirmed trend reversal, but as a period requiring time to determine whether the market is consolidating after deleveraging, or absorbing and subsequently distributing supply.