Open the market software, and it's all "ETH breaks 3100," "bullish signal"… It makes me feel a bit dazed, as if I've traveled back to 2021. But if you look deeper, you'll realize how superficial this rally really is.

To judge whether the market is strong or weak, price is just surface level. What truly matters is how smart money moves. I reviewed the latest fund data and found a very strange phenomenon: the number of large short positions has reached 747, which is exactly four times the number of long positions. And that's not even the most outrageous—even though ETH has risen to 3128, these big players not only haven't cut their losses and run, but are holding tightly at this price level.

The more critical data is this: the current nominal long-short ratio is only 30.8%. In other words, out of 10 participants, 7 are bearish and 3 are bullish, yet the price continues to go up. This is no longer normal market logic. Either the big players are deliberately pushing the price up to attract retail investors to chase higher, or the shorts are holding back a big move, just waiting for the right moment to dump.

Someone asked, "Should I enter now or wait and see?" My advice is straightforward—stay on the sidelines. In the crypto market, survival is more important than anything. I've seen too many cases where chasing high led to a complete reversal back to square one. For now, I choose to watch from the outside and wait for the next move of these 700+ big short players.