The Swifties are buzzing with theories.

Taylor Swift, 33, dropped an unreleased track on Friday, “You’re Losing Me”, along with a deluxe edition of her multi-platinum album Midnights, and her fans are attempting to connect the dots to her headline-making breakup from Joe Alwyn, 32.

The new track features the 12-time Grammy winner expressing the gut-wrenching feeling of watching a relationship crumble.

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In a powerful metaphor, Swift compares herself to a “phoenix always rising from the ashes, mending all the gashes” as she questions whether to let go of or fight for a relationship on the rocks.

Reflecting on a crossroads, she sings, “Do I throw out everything we built or keep it? / I’m getting tired.”

In a melancholic chorus, she repeats the poignant words, “Stop, you’re losing me,” emphasizing the fading connection. 

In typical Swiftie fashion, her fans instantly drew comparisons between the lyrics of “You’re Losing Me” and Swift’s romantic songs, reflecting on her past love with Alwyn, which ET exclusively revealed as over in April.

Fans spotted a cryptic lyric during the bridge which alludes to the speculated marriage between the two stars, with Swift singing: “I’m the best thing at this party (You’re losing me) / And I wouldn’t marry me either.”

 Alwyn, 32, addressed the relationship rumours, stating to WSJ Magazine in 2022: “If I had a pound for every time I think I’ve been told I’ve been engaged, then I’d have a lot of pound coins.”

 He added, ‘I mean, the truth is, if the answer was yes, I wouldn’t say, and if the answer was no, I wouldn’t say.'”

READ MORE: Taylor Swift Announces Collaboration With Ice Spice For ‘Midnights’ Deluxe Album

Amidst speculation surrounding the meaning of the new release, Swift has moved forward after her split from Alwyn, sparking rumours of a romance with musician Matty Healy. Recent sightings and their shared stage moments indicate a budding connection, while Swift herself declared, “I’ve never been this happy,” during her Foxborough concert.