From on-chain data, the current number of long accounts is about three times the number of short accounts, but the trading volume shows an opposite trend—selling pressure is significantly stronger than buying pressure. This phenomenon is worth pondering.

Generally speaking, what does this imbalance between longs and shorts imply? It’s not hard to understand that retail participants are flooding into the long side; most new entrants are indeed bullish. But the problem is—the structure of trading volume diverges from the account ratio. Insufficient buy orders and ample sell orders suggest that the major players holding large positions are actually positioning in the opposite direction.

From another perspective, this might just be the normal rhythm of market operation: institutions suppress prices to harvest scattered liquidity, creating panic to drive retail investors out. The market may continue to face pressure or enter a high-volatility oscillation zone—both favorable for the profit-taking of major participants.

What are your thoughts on this phenomenon?