Overnight, contract positions were pulled down a large chunk, yet the price is still pinned at the low end without breaking down—don’t rush to take the short side yet. See what the real big players are doing: long positions haven’t been reduced, they’ve actually increased. The bulk of capital is fully committed to longs, and most of the主动成交 (active trades) come from buy orders. The big players’ long-to-short ratio leaves retail traders far behind, and the funding rate also calmly stays near the zero line—nobody is in a hurry to run. This round of shakeouts has wiped out the leveraged floating profits; what remains in the market are tough bones. The moment the price lifts its head, it’s pushed back above the moving average. I accept this logic. The shorts cutting losses today will have to come back later with an even higher price to get back in.