Now the whole network is watching, shorts are nervous above 4000, and longs are weak below 3800.

Long-Short Bomb: 677 million short positions against 1.247 billion long positions, it's hard to say which side will be ignited first.

What's more interesting in the market is the whales—someone just threw 49 million USD of ETH into the exchange, seemingly preparing to run away; on the other side, institutions directly swept 40.5 million off-exchange, and there’s a company applying for 5 billion financing saying they want to buy the dip.

Retail investors are really in a tough spot, afraid of buying at the top and missing out on shorts.

Technical analysts are watching the MACD death cross and the RSI stuck at 60, while fundamental analysts are focused on ETFs and a 92.7% probability of a rate cut in September.

Historical data suggests an 85% probability of breaking this level, with upward targets of 4200 and 4800, and some bullish even aiming for 5500.

Of course, it was just as lively last December, and the result was a direct halving of 66%.

Derivative positions surged to a historical high of 51.3 billion, with a single day liquidation of 260 million yesterday, 90% of which were shorts.

In this place, either break out to the starry sea or blow through the bottom.

I prefer to see the starry sea; if 4877 is broken, it will be truly exciting. $ETH