$BTC

I feel that short funds might operate like this: first open a short position at a high level, then add a long position when it reaches a certain point. During consolidation, the fees offset each other, and then after holding out for a while against the longs, they might drop it below 100,000.

The reason it hasn't dropped now could be that institutional spot buying is still quite strong. Once that weakens, and everyone who needs to buy has bought, the opportunity to short will arrive. At that time, several large ETFs could suddenly dump tens of thousands of coins in one go to complete the harvest, allowing both sides to profit.