CHZ's recent market trend is quite interesting. On the surface, the price is moving downward, but a closer look at the data reveals some intriguing details — the bears and large whales are indeed in the lead, with 88 big holders holding 2.43M positions, while the bulls have only 70 holders with 3.70M. Numerically, the bears are ahead, but this is not necessarily a good sign.

The key point is this: the bullish whales have an average cost basis of 0.045, with an unrealized profit of 264,000 at current prices. These players have long since secured their gains and are very stable. On the other hand, the bears have an average opening price of 0.0499, which is close to the current price, still testing the edge of a trap. In other words, although there are more bears, they haven't gained the upper hand, while the main bullish players have already established themselves around the cost basis.

Retail investors are actually quite interesting — the long-short ratio is 1.695, clearly indicating retail investors are leaning towards long positions. In such a situation, large whales often counter-trade, aiming to profit from retail traders. The market remains relatively stable for now, but the true intentions of the whales are the key to the future trend. We must keep a close eye on their next moves.