Continuing to be bearish is not a subjective emotion, but based on market structure.

Many people think it's crazy to keep shorting after such a big drop. But the issue isn't that simple. The real danger isn't continuing to fall, but "stopping the decline but risks still exist"—this is the most treacherous situation.

Looking at the current market patterns, it's clear.

**Superficial positives hide the truth of chronic bleeding**

Tokenization, compliance, national pilot programs, 7×24 trading... all sound like future directions and long-term benefits. But what is the reality? None of these can generate short-term incremental funds. Tokenization doesn't mean immediate capital inflow, compliance won't directly boost prices, and government approval doesn't guarantee market follow-through. Their only role is to reassure people that "the market won't die," and that's all. Under this guise, high-level oscillations combined with continuous capital fee harvesting from longs is simply paradise.

**On-chain data reveals clues**

After ETH fell below 3200, the actions of large holders told everything. Whales continuously funnel chips into major exchanges through off-chain channels, with over 13,000 ETH already in the market. Staking scale is expanding, but that's not a buy signal—it's just locking funds elsewhere.

At the same time, $850 million was liquidated in 24 hours, with 92% of that being long positions liquidated. This isn't panic selling, but a carefully orchestrated harvest.