All the positive data before the market opens is fake. I just finished replaying and reviewing $LAB ’s on-chain data across the entire network, and only then did I realize this is a carefully engineered “public scam.”

First, a timeline: it surged from 3:07 AM today to 4.5807, then pulled back. As of now, the latest quote is 4.2314. In that moment, every indicator pointed to the bulls—overall exchange long-short ratio at 51.6% versus 48.4%, the MACD bullish crossover appearing, and the RSI6 pushing through 71. It’s a textbook “bull flag” pattern. But there’s one detail that everyone ignored: the top ten DEX liquidity pools’ total liquidity is only 5.12 million US dollars [Figure 5]. With a plate this big, everyone who enters is just fuel for sugar-coated cannonballs.

Next, let’s look at the overall market. In the past 24 hours, total liquidations reached $590 million, and more than 140,000 people were liquidated. However, the “big players” have a completely different vibe. Across the whole market, the long-short ratio for major holders remains at 1.22, while if you look at the proportion of retail accounts, the share of longs is only 26.78%—and the number of shorts is absolutely flooding in at 73.22%. This is a classic situation of “whales quietly distributing, retail quietly taking the bait.” Big players use a high leverage of 1.22 to steadily hold down the market, while retail traders are still flipping back and forth within a 0.43 long-short ratio.

Now let’s examine the data under the macro backdrop. After Bitcoin broke above 80000, the total market cap once surged to 2.65 trillion. Market sentiment has finally shifted from 107 days of extreme panic back into neutral territory. The Fear & Greed Index rebounded from 27 (extreme fear) all the way to above 45. But the AI + DePIN narrative is getting outshone by RWA, and funds have clearly split away. The real speculative force isn’t as concentrated anymore.

Let me share a fairly interesting piece of data. Over the past 33 days, $LAB’s funding rate across the entire network has stayed positive, yet it has been suppressing a hidden threshold all along—the “scissor gap” between the funding rate and the holding cost causes both sides long and short to bleed slowly over time. This is why the current price is still standing above the Bollinger middle band at 3.13, yet retail traders are generally bearish. The main force has been waiting for that one reversal “broom-handle” candle line, repeatedly tormenting retail traders through their disagreement.

I used to say this over and over in the plaza: “The bottom is bought—not seen.”

Back near $LAB at 4.35, that ultra-long candlestick that exploded out in the early hours looks like a watershed moment. The MA moving averages are still tangled in a death cross, but trading volume is shrinking. Keep a close watch on large on-chain transfers: once there’s an abnormal move of more than 5 million USDT, that may be the signal for the next turn in the trend.

So, in this setup—do you think it’s a real breakout, or a bull trap to lure people out and run their stops?

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