The market is displaying a fully negative Gamma Exposure (GEX), with liquidity actively being withdrawn as dealers aggressively hedge their positions. A significant high Z-score liquidation cluster has been identified at the 95k level. What we’re likely witnessing is a calculated, slow grind downward—a trap for anyone feeling compelled to take on leveraged long positions. The most probable conclusion? A brutal flush of x10 leveraged positions off local highs, followed by an equally devastating wipeout of x25+ overly eager longs. So far, 80M worth of long positions have been liquidated.