G I really do see this with a bullish mindset—when there’s a negative interest rate, and someone is still holding positions, is the short side just annoyed that there’s too much money, or do they genuinely think they can smash through? In the spot market, there was a net inflow of tens of billions within three hours. Over twelve K-lines, not a single one was red—every bar is positive. This isn’t retail traders coming to join the excitement; it’s the main force using buckets to catch the water. The ratio of long to short in large accounts has surged quickly to about 1.6, and after seven more hours it rose by over another 10%. Long accounts make up over 60%. This round of entry isn’t just money—it’s account counts piling in as well. Sure, prices pull back in the short term, but the order book shows buy orders are nearly double the thickness of sell orders, with support underneath. On the short side, even while carrying a negative funding rate, they’re still propping things up—essentially paying out of pocket to hold a defensive position for the longs. Once this absorption of liquidity is done, a proper pullback is when the acceleration starts. The shorts’ current position is nothing less than fuel for the longs.