#大户持仓变化 $GIGGLE This morning's sharp decline reveals a detail worth noting.

After the drop, the Open Interest (OI) experienced a clear rapid decline, which is a typical sign of panic selling being wiped out.
But more importantly, the change in the afternoon—
the price did not significantly rise,
yet the OI slowly rebounded within the consolidation.
This "price stagnant, OI rising" pattern is often not driven by bullish sentiment, but more like funds gradually building positions at low levels.
Let's also look at the position structure.
From the perspective of large holders' positions, the longs are dominant, and this advantage continues to expand;
but from the ratio of long to short traders, the number of shorts is significantly higher than longs, indicating that retail investors are generally leaning towards shorting.
In other words, the current structure is:
Main players are bullish, retail investors are bearish.
These two directions are completely opposite.
I'm still learning about the secondary market, and there are indeed many areas to improve.
The recent decline has had a considerable impact on sentiment, but there's no need to blindly follow past patterns.
Structurally, the slope of this round of decline has already noticeably decreased, and the efficiency of panic release is diminishing, which is usually a sign that the market is gradually approaching equilibrium.
Based on the combined analysis of OI, position structure, and sentiment distribution,
I personally lean towards this being a phase bottom area.
Of course, this is just a subjective judgment based on current data,
and does not constitute any investment advice.