The liquidity structure that deserves attention is the long-short ratio of large holders, which is currently in a historically high fluctuation area. The attitude of large holders represents the main rhythm of the market.

It is clearly visible that when the price drops and breaks below 105K, the overall market sentiment shifts from bearish to bullish.

Above 105K -- there are more short positions.

Below 105K -- the number of long positions increases.

This is a signal of 'sentiment direction switch' → previous wait-and-see/bearish sentiment quickly tilts towards bullish.

In terms of large holders' positions, the long positions have not decreased, indicating that the 'heavily invested long funds' have not exited during this pullback.

In terms of structure: the main positions have not decreased, and new long positions are entering the market.

In terms of sentiment: the onlookers are becoming proactive, and bullish sentiment is spreading.

In terms of time: in the past 12 hours, there has been a characteristic of 'collective side-switching' among long positions.

Comprehensive judgment: Long positions are still in control of the rhythm; the real offensive usually starts when sentiment is most hesitant. #我的交易风格