These past couple of days observing the ETH market, to be honest, it's quite interesting. The once extreme imbalance with a long-short gap of over 1060% has long since vanished. Now, the market sentiment has completely reversed, and the long-short ratio has plummeted to 43.26%. Even more heartbreaking, the number of large short positions has directly surpassed longs—332 whale addresses against 161 long whale addresses, creating a crushing advantage in numbers.

On the surface, it looks like the longs are sitting pretty. But here’s the problem: those 161 heavy long positions have an average entry cost of 3131.62 USDT. Currently, the billion-level positions on the books are all in a loss. In this situation, many traders are silently reciting "just 10 more points up and I’ll sell," with passive waiting becoming their only option. The market will never be soft on this kind of mindset.

An interesting turning point has arrived. The seemingly confident 332 short positions are not having an easy time either. Their average cost is 3070.64 USDT, while the current ETH price is 3120.69. Doing the math—shorts are also losing.

Both sides are trapped, which truly reflects the current market situation. The longs are waiting for a rebound to save themselves, while the shorts are hoping for a decline to cover. Whoever can’t hold on and lets go first, their chips will become the opponent’s blood feast. This round of long-short battle has essentially turned into a test of patience.