$NEAR I directly put 450k USD shorted in full margin! In 24 hours, liquidation reached $13.26 million, with longs accounting for $8.03 million; in 12 hours, liquidation was $4.18 million, with longs as high as $3.68 million. The four-hour bullish level only liquidated $280k, while the bears liquidated $350k, enough to show that the bulls are extremely weak, and every rebound is just a trap for more longs. Under this structure of repeated bull depletion, once selling pressure surges, the market cannot handle it at all.

1. Smart money holdings are severely inverted, and bears have fully taken over the market. On-chain data shows that traders in loss are on average opening positions at $2.3916, with unrealized losses exceeding $2.15 million. This structure means that every rebound turns high-position longs into fuel for a new round of selling. Perpetual contract funding rates fluctuate wildly; each pump is just a weak flash of light, with the price center continuously shifting downward, and bulls have basically no chance to turn the situation around.

2. Chain reaction of ecological security incidents, AI narrative is being thoroughly countered. Over the past week, the NEAR ecosystem has suffered multiple blows: Login with NEAR plugin exposed a serious authentication bypass vulnerability, allowing attackers to remotely bypass the verification mechanism; Stader platform’s NearX vulnerability led attackers to mint 20 million NearX without collateral; SWEAT token was heavily impacted by security flaws, with market value nearly zero. When security trust is broken, the speculative AI narrative faces double backlash, and capital withdrawal becomes inevitable.

3. Governance vacuum and ecological collapse are a foregone conclusion, and mid- to long-term valuation logic has collapsed. NEAR Foundation launched a “Project Funding Reduction Plan” internally in Q1, drastically shrinking the previously high $800 million ecological grants. Projects relying on foundation funding are accelerating “blood loss,” and many once-active ecological applications have entered abandonment. CoinShares’ latest weekly report also confirms the trend of capital leaving, with a total net outflow of $1.47 billion from digital asset investment products last week, with altcoins suffering the most significant outflows.

Bears have fully taken control of the market, ecological security scandals keep erupting, and governance vacuum accelerates capital outflows—triple negative pressures crushing NEAR. The $450k short is locked in full margin, waiting for the valuation bubble to be completely stripped away! #near #阿贵Btc