The large pancake arrived at 102000 yesterday, clearing 80% of the short leverage. A rebound to 104000 will clear all leverage, but the rebound stopped at 102700. The major short holders at 104000 chose to make a desperate bet at 102700, with a large amount of spot selling to protect the contract positions! Currently, there has been a significant shift in the balance of power between longs and shorts! As of now, at 105000, the accumulated short liquidation amount is 4 billion, while the peak of chips below is concentrated at 96000-94000, accumulating a liquidation of long positions of 1.2 billion! Market long-short ratio: 1:4, with shorts in a dominant position!

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