Looking at this market from the perspective of the main players is really interesting.

Take this coin TAKE as an example. If the main players wanted to rally and rebound, would they give retail investors such a long time to buy the dip? Obviously not. So what about the current situation? The dip buyers keep coming wave after wave, but the price remains stagnant. The only explanation is that all the long positions rushed in have been completely eaten up by the bears.

Therefore, the direction of this coin is very clear—it is definitely not suitable for long-term buying or bottom fishing. The only way is to continue downward.

Looking at the position volume provides a clearer picture. After a sharp drop, the position volume plummeted, and retail investors were scared into closing their positions. But a few hours later, the position volume started to surge wildly—these are the retail traders trying to bottom fish rushing in. And what about the long-short ratio? The data shows that a large number of retail troops are flooding in wave after wave.

The underlying logic behind this phenomenon is: all the long entries have become fodder for the bears. Under this situation, as long as the bears' strength remains, the downward momentum will not stop.