Stop saying that BNB has no spirit just because it’s a big-cap coin. The full circulating supply is already out there in the market—there’s basically no such thing as fear of dilution. From forty percent of the room to the previous high, the valuation side is super clean. The most ruthless part is this: whale accounts on the long side make up 70% and are still increasing their positions. While no one is paying attention, the main players are quietly building their positions—at this level, retail investors are still hesitating, while the smart money is already lying comfortably in place.