What’s the most ironic thing about this setup? The whale-account long ratio looks pretty high, as if a bunch of big-money players are defending the lows. But look closer at their positions, and you’ll see they’ve already started pulling back. Price is still above the moving average, putting on a brave face, while the actual trend is pointing down—and bids in the spot order book can’t even come close to the asks. The bulls are still stubbornly holding on while paying positive funding; every minute they do, they’re handing chips to the big money. By the time retail traders see through the charade, the big money will have already repositioned.