According to CoinMeta, the whales have been increasing their short positions significantly since September. Data shows that during the rebound from August to September, they increased their short positions and reduced their long positions. Currently, the proportion of long positions is 40.47%, down from 58% in August, while the total amount of short positions has reached $1.17 billion. The total amount of long positions is now $797 million, which is lower than the $1.38 billion level seen in BTC. Since then, they have closed a large number of their positions. This indicates that since the rebound, whales have shown a stronger preference for shorting, despite many claiming that a new bull market cycle has begun. Retail investors are speculating and dreaming, while whales are seeking liquidity.