$APR Don’t take this rebound seriously—big money is pulling out of the long side. The whale accounts still have over 60% longs, but the real-money exposure has already dropped to just over half, and in the past few hours the position has been net-reduced. They’re calling for longs on the surface, but withdrawing in hand. The order book is imbalanced, with the sell side clearly heavier; buyers’ confidence is being drained bit by bit.