Recent market trends have shown a clear oscillation pattern at high levels. On-chain activity data indicates that large holders have adjusted their positions at key levels—long positions exceeding 1.76 million USDT have been gradually reduced amid volatility. The operational logic behind this is intriguing: small initial positions are built to create a bottom-fishing signal, guiding market sentiment to follow, followed by large-scale selling to transfer chips.

The long-short ratio indicator still appears to be biased towards the long side, but this only reflects the nominal number of open positions; the portion that has already exited the market has long been buried in historical data. Major players are performing two acts simultaneously—on the surface and behind the scenes.

From a technical perspective, the rebound after breaking support seems weak. Although trading volume has increased, structurally, the main funds are exiting one by one at high levels rather than accumulating at the bottom. Resistance levels are clear, and support continues to sink. The rhythm and magnitude of this rebound point in the same direction—major players are using this last rally to offload chips.

From a trading standpoint, chasing highs carries significant risk. A more prudent approach is to wait for a shorting opportunity in the 0.2175-0.2200 range, with stop-loss set above the neckline. For traders still in long positions, this might be the last comfortable window to exit.

Interestingly, when the short-term market is caught in this tug-of-war between bulls and bears, some DeFi projects are planning for a longer-term development trajectory. For example, some protocols recently announced their 2026 plans, which are entirely on a different time scale—they aim to build a sustainable ecosystem.