As prices grind higher, open interest is building in tandem. More importantly, the futures discount is visibly narrowing—the bears don’t even dare push prices much lower. Isn’t that a dead giveaway that they’re losing their nerve? Long positions now make up nearly 70% of large traders’ accounts, and they’ve kept adding over the past seven hours. Retail traders got spooked by that little outflow from spot and threw in the towel, while the whales gobbled up all the coins. While everyone else is still unsure which way the market’s headed, I’ve already made up my mind: the narrowing basis, positions moving in the same direction, and big traders holding firm—all of it screams that this is a shakeout before liftoff, not distribution. By the time the bears catch on, the price will already be well clear of their cost basis.