The recent market movements of this ONT token are quite intriguing. The price has been steadily declining, but from the perspective of whale holdings, the bearish side clearly holds more influence. In terms of quantity, the numbers are not too different (81 shorts versus 32 longs), but the position sizes are on completely different levels — whale shorts hold 1.42 million tokens, while longs only have 0.64 million, more than double.

What's even more interesting is profitability. The short side has already accumulated a paper profit of 196,000 USDT, while the long side, despite having more participants, is clearly lagging in both position size and profit. Especially painful is that the average opening price for longs is stuck at 0.0612, which is higher than the current price of 0.0591, completely trapped inside.

What does this pattern indicate? The bearish control is quite obvious, with the initiative firmly in their hands. Although the retail long-short ratio is slightly in favor of longs at 52:48, in the face of this overall trend, they seem somewhat powerless to turn the tide.