The case is solved, there's no need to fantasize, the bull market has ended early.

Study the dealer's chip structure, just look at the contracts, no need to look at the spot.

The main BTC contracts have been gradually sold off since May 22, and currently, 90% has been sold. The main ETH contracts were gradually cleared out on May 11, around 2600-2700.

So why has the market been so strong for so long without dropping?

Because they need to slowly sell to retail investors, and many institutions have also started to FOMO into buying ETH spot, which is why after May 17, the spot has slowly begun to increase, but has never flowed out, because these large institutions are ETFs, and they need to hold a certain amount of ETF spot without moving.