Looking at this XMR chart, the actions of smart money are already very clear. There are over 80 bullish whales and only 73 bearish ones, but the key lies in the position value—bullish whales hold positions worth 16.9 million USD, while bearish whales only have 9.8 million USD, so the capital size directly dominates.

The most interesting part is the cost structure. The average opening price for bullish whales is only 482, and now the price is 728, with an unrealized profit rate easily exceeding 50%. This is where their confidence comes from. Statistics show that 77.5% of bullish whales are making money, so they are not afraid of a downward correction.

On the other hand, bearish whales are in a tough spot. The average cost is 607, and they are now trapped there. Only 38% of bearish whales are profitable, clearly in a weaker position. The nominal long-short ratio is even more outrageous at 215%, indicating that both retail and institutional investors tend to be bullish.

Although the price has pulled back from the high of 800, the main positions of the bulls are still in place, and the overall pattern has not changed. Rather than saying it’s a decline, it’s more like the bulls are using this opportunity to shake out some indecisive followers. The bottom structure remains solid.