The bears are still making a big deal out of short-term pullbacks, but to me this market has already shown its hand. Futures open interest surged by more than 30% in a single day, yet the influx of new leverage hasn’t pushed funding rates higher—this isn’t retail getting carried away; it’s big players quietly building positions. Whale accounts have steadily increased their share of long positions, and the long-short ratio is nearing a twofold increase. That’s not a difference of opinion; it’s a one-way bet. Price is wavering slightly around the moving averages, and the bid-ask spread in the order book is paper-thin. Every pullback is handing chips to those who haven’t boarded yet. If the bears think that one bearish daily candle will protect them, just wait and see what the positioning says.