$ENA This wave of data is a bit alarming; we need to take a serious look.

First, let's talk about the liquidity. Over the past 7 days, the net outflow of main funds approached $47.76 million. This isn't just a one or two-day event; it's a continuous withdrawal. Even more shocking are the 24-hour liquidation data: long positions were liquidated for around $1.0955 million, nearly five times the short positions. In the last hour alone, long losses are 184 times those of shorts—such a huge disparity is no longer normal betting.

Next, let's examine the position structure. On the dYdX platform, the short position ratio has directly hit 100%. Such extreme sentiment suggests either collective pessimism or a prelude to a short squeeze. But combined with the liquidity data, the former is more likely.

From a technical perspective, there's little support. The price has broken below major moving averages, and the RSI has fallen to 34.8, entering the weak zone. The nearest support level is around 0.2560, which is a previous low. If this level doesn't hold, the next support is at 0.2520, and further down, between 0.2480 and 0.2320, it essentially becomes a vacuum zone.

The current issue is: main funds are fleeing, retail longs are holding, and technicals are breaking down. Under this combination, the risk of bottom fishing is extremely high.

If you really want to participate, at least wait for a rebound to a key level. Going with the trend is always safer than fighting against it. Until the trend reverses, protecting your principal is more important than catching a rebound.

The market doesn't care about feelings; the data is right here. Make your own judgment.