CHZ recent whale activity has shown interesting divergence.

The bearish camp is clearly dominant — 77 bearish whales hold a total of $5.25 million, which is 40% more than the 3.73 million held by bullish whales. More notably, the average opening price for these bears is around 0.05248, not far from the current price of 0.05774. This indicates they are not ancient long-term shorts, but rather recent high-position reversals built over the past two weeks, clearly betting on a subsequent correction.

On the bullish side, although there is considerable enthusiasm, their cost structure reveals hidden concerns. Their average holding cost is only 0.044, and the current unrealized gains are already quite substantial. According to conventional logic, there should be a strong impulse to take profits at this level.

From another perspective, this rally seems more like retail traders piling on enthusiasm, but the smart money has long been laying in wait with short positions, ready to strike. Without additional capital inflows, the risk of a weakening rebound will gradually become apparent.

Technical reference: If around $0.0631 encounters resistance and pulls back, and the 4-hour K-line breaks below 0.058, it would be a relatively clear signal to short. The two potential targets below are 0.0540 and 0.0520. Conversely, if the 4-hour close can stay above 0.0632, then the bullish and bearish outlook needs to be reassessed.