Now looking at the square, it seems that the whole internet is bearish.

On-chain data, liquidation heat maps, sentiment indicators, all uniformly show "shorts dominate" and "bulls are in danger." To be honest, I am very familiar with this scenario. So familiar that I can tell at a glance — this is precisely the stage where institutions are most comfortable.

Many people will be "persuaded" by the data. If on-chain shows more shorts, then continue to short; if sentiment is extremely pessimistic, then it definitely needs to be dumped further. The logic sounds fine, but if you've been in this market long enough, you'll understand that data is never meant for retail investors to make money, but to create consensus. Once consensus is formed, the market becomes easy to navigate.

Consider the simplest principle:

If everyone in the market is already short, who is still selling?

If everyone’s position is short, once the price is pushed up a bit, who suffers the most?

The answer is simple: those who are ready to buy have long been prepared; they just aren’t in a hurry to tell you.

Many newcomers might feel that institutions are going "against everyone." In fact, it’s not against, but in line with human nature. The market loves to do one thing: when you are most certain, it gives you a reversal. The more unified the sentiment, the more extreme the trend becomes. A real big market movement often does not start in a sea of bullishness, but slowly rises amidst doubts of "how can it possibly go up?"

I have seen this too many times:

After a decline, everyone starts to study macro factors, bad news, and why it should continue to fall; yet the price quietly moves sideways, grinding away at patience. Until one day, a not-so-noticeable bullish candle appears, shorts start to cover, and the bulls realize they were the last ones to understand.

Of course, I’m not saying you should blindly go long now. Experienced players never bet on direction; we only look at structure, rhythm, and who is being forced to liquidate. Just one thing is certain: when 90% of the content you see teaches you how to short, at this position, the risk may not necessarily be on the bullish side.

The market is neither good nor evil; it only transfers money from those with the heaviest emotions to those with the most patience.

Which side you stand on is actually more important than whether you are bullish or bearish.