The large pancake market has recently been like a roller coaster! Macroeconomic pressures are rising, retail investor sentiment is worsening, and price trends are confusing. In the past 24 hours, prices have fluctuated significantly, briefly dropping below $103,400 before rebounding.

Analysts say that retail investor sentiment has turned negative, with bullish and bearish comments dropping to the lowest level since early April. Experience suggests that this may be a signal for a price rebound, similar to the rapid rebound in pancake prices after the panic in April, when large investors often accumulate when retail investors 'give up.'

The Federal Reserve has maintained interest rates, and the pancake is consolidating in the $100,000 - $110,000 range. The number of open contracts on the Binance platform has decreased, and derivatives traders are deleveraging, but whale wallets continue to increase their holdings. What direction is this market really heading? It's truly puzzling.