6h ago
♨️ How did this heaven and earth needle come about? #ETH
The direct reason is that institutions/whales are building positions. On October 11, many funds' short positions were liquidated or forcibly closed, and the spot positions decreased along with the hedging positions.
A week has passed since October 11, and after the market stabilizes, large funds will inevitably need to rebuild their hedging positions. This is also what we mentioned earlier about large funds being eager to move.
Although the one-minute line at the billion level cannot reverse the situation, it is gradually swallowing up the short positions and raising the support level. The next step is to see if 3930 can hold steady.
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