Are the shorts still waiting for a waterfall? No matter how I flip through this chart, I only see one thing: the futures open interest surged nearly 20% in a single day, yet the price is staying tightly above the moving average—new positions are being built on top, not exited. Buy-side orders are pressing down against sell-side orders, and the buy-side成交量 (trade volume) jumps well ahead of the sell side. Fees are slightly on the higher side, but not to the point of frenzy. That suggests the longs are adding positions rationally, not in an emotional rush. Looking at large accounts, the long ratio is approaching 90%, and global accounts are also broadly net long. Even in the order book, the buy-side depth is thicker than the sell-side. If that isn’t solid absorption, what is? With shorts carrying a position structure like this and waiting for a pullback, what they’ll get is only an even thicker layer of opposing orders—eventually getting crushed into cannon fodder.