People in the crypto world have become addicted to shorting Ethereum, thinking it’s like a few months ago when they could short while eating, smoking, going to the bathroom, randomly shorting, and making money just by shorting. They are so addicted that when the price goes up, they want to short again, but now they find that they can’t short at all; it’s been a month of volatility. So they decide to increase their position and stubbornly short, determined to crush it.

Next comes a wave of taking profits.