The more I watch this play out, the more compelling it gets—while prices are being hammered down, large accounts’ long positions have already climbed above 70% and are still increasing. The global retail long-to-short ratio is less than half that of large accounts. Think it’s panic? Someone’s scooping up coins at bargain prices while retail traders rush to cut their losses and hand over their chips. It’s even more extreme in leveraged lending: the long-to-short ratio is nearing 20 to 1. How can the shorts possibly hold out?