Regarding the price trend of cryptocurrencies, the key factor still depends on the scale of short positions. When there are too many shorts, the cost of a decline is actually quite high—funding fees become a major issue. In such cases, the market often consolidates sideways, relying on collecting funding fees to wear down the shorts' patience. Large short positions cannot withstand continuous funding fee pressure, and only after they gradually exit does the price have real room to decline.

From a different perspective, the ultimate direction of the market is not determined by the wishes of the big players, but by concrete data. The same logic applies to upward movements— the scale of long positions and their cost structure directly influence the height and sustainability of rebounds. Instead of guessing the intentions behind the funds, it’s better to focus on the current distribution of positions and leverage costs, as this is the correct way to understand the market rhythm.