Bitcoin retail holdings data has shown new changes. The long net position is now around 50%, a significant pullback from the previous 52% short net position. Interestingly, if Bitcoin is to surge to the 98k level, this ratio would need to continue to decline—the long-short ratio and price direction often have an inverse relationship. Of course, on the other hand, these data essentially reflect the market participants' expectations and betting, and how much of it truly reflects market trends is another matter altogether.