Looking at this chip distribution, the big-holder accounts’ long-to-short ratio has been pushed to nearly three times, and the position allocation is also completely one-sided—the steering wheel has already been taken over, and the little chips held by retail investors can’t even squeeze into the passenger seat. The holding amount quietly climbed by nearly 10% over seven hours, and coupled with the funding rate still remaining in positive territory, it keeps the longs alive. This isn’t a pullback—this is welding the chips into the long side’s hands. The sell orders stacked on the order book are thick, but the trading volume has shrunk to this degree; anyone placing those orders should be feeling uneasy themselves—who are you trying to scare with a show? In three days it surged by almost 20%; over four hours the K-line shows four bullish candles and two bearish ones. The price keeps sticking near the highs instead of moving away—this is plain and blatant: a locked-in position waiting for the shorts to come deliver it.