$US First, set the涨跌 (up/down) aside—see clearly who is adding to positions and who is withdrawing.

In the 15m timeframe, price -1.93%, holdings -6.64%. This currently looks more like “longs reducing positions”: the position size is being cut, and the price moves lower along with it—more like the longs themselves loosening their grip.

Aggressive buying accounts for 42.3%, and selling pressure is more willing to transact actively; the long-to-short count ratio is 1.39—there still isn’t a fee-rate squeeze of the order book.

Just because deleveraging is over doesn’t mean a reversal. Active buying and selling need to be given a new direction again.