Bull and bear data completely diverge: The more retail investors go long on BTC and ETH, the stronger the short-term selling pressure becomes. The current market shows a clear "retail long vs. large holders/active trades biased bearish" divergence, especially for BTC and ETH. ZEC is relatively independent, with signs of large capital absorption.
The latest 5-minute active trades show BTC, ETH, and ZEC are all dominated by bears, but capital attitudes have clearly diverged.
$BTC long-short ratio is only 0.769 (long 43.47% / short 56.53%). Large holders are bearish, while retail accounts have a long-short ratio exceeding 2.3. Short-term selling continues to dominate, yet retail investors keep buying long. Without volume support during a rebound, it can easily become a bull trap again.
$ETH long-short ratio is only 0.6658 (long 39.97% / short 60.03%), showing the strongest bearish advantage among the three coins. Retail accounts have the highest long-short ratio at 3.40, with large holders and retail investors continuing to bet against each other. If BTC weakens, ETH may lead a sharp decline.
$ZEC long-short ratio is 0.846 (long 45.83% / short 54.17%). Short-term active selling still dominates, but large holders are clearly bullish, forming a stark contrast with BTC and ETH.
BTC and ETH are typical cases of "retail buying long, large holders/active selling dominating," making rebounds prone to bull traps when lacking volume. ZEC shows a pattern of large capital bullishness and retail accounts bearishness.
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