Looking at the recent ETH market trend, the market structure is quite crazy.

Just compiled a whale holding data, the number of short big players (747) is exactly 4 times that of long positions. Although the price has already surged to $3128, the shorts have accumulated unrealized losses of over $120 million, but these big players show no sign of retreating. On the contrary, they have formed a very strong suppressive force.

This is the most heartbreaking part—the long-short position ratio is only 30.8%. How do you view this extremely asymmetric structure? Is it the last desperate struggle of the shorts, or the final gasp before a sharp rise? Both possibilities exist, but the risk signals are indeed very clear.

Let's observe the situation quietly in the short term. Whether these over 700 short whales can push the market back remains to be seen in the next few days.