The entire market is basically shorting now.

Looking at the data, the 30-day cumulative funding rate has dropped into negative territory for the first time since bottoming out in late 2022.
In simple terms, over the past month, shorts have been paying longs continuously.
This kind of comprehensive short position suppression last occurred during the 5.19 crash in 2021 and the FTX collapse in 2022.

The current market action is indeed dull, and people who were in the market are gradually withdrawing. But honestly, every time when everyone feels most bored and most hopeless, that's when the risk-reward ratio (R:R) is actually at its best for entry points.