$BZ All the market is bolder than whales in going long; the big-money long core has already been welded shut for the shorts early on. In this round, I went heavily short—one short position after another laid down in a continuous line. The whale accounts’ longs pulled back nearly a tenth within seven hours, dropping to three tenths; the position on that side was even harsher—longs were left with only two tenths. The longs don’t even have room to catch their breath. The contract fee rate has been burned into negative territory; the longs can’t even prop themselves up with a positive fee rate. The balance of this round was already tilted toward the shorts.