According to rough data, currently in the contract market, the unrealized profits of long positions in Ethereum have reached at least 2 billion USD, while the unrealized losses of short positions have reached 3 billion USD, among which some short positions include hedging positions;

Therefore, if we want to break through the historical high of the last bull market, it is highly likely that there will first be a wave of adjustment to reduce the unrealized profits of long positions, otherwise the cost of pushing up will be too high.