Although the market is currently at the bottom, it is still predominantly bearish.

BTC and ETH are the dual cores of cryptocurrency, BNB and SOL are secondary cores, and ZEC is not a core asset but currently has strong capital inflows and is dominated by bulls. Other mainstream coins remain mainly bearish.
However, this does not mean that major players are pessimistic about the sector. The scale of traders and funds, as well as compliance of capital sources, show that participants are still actively trading, essentially reflecting long-term optimism about the future of cryptocurrency. Those currently shorting are either engaging in short-term speculative arbitrage or using shorts to hedge spot positions and manage risk.
For example, short positions in core assets are more concentrated among whales and institutional hedging needs, aiming to lock in profits, while non-core assets are experiencing short-term games due to capital rotation. Overall, current positioning is rational within a neutral range.
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