Current market positioning shows interesting dynamics. Long-to-short ratio hovering around 54%, indicating a modest net long bias among traders. Meanwhile, price action relative to historical extremes: sitting roughly 85% below the all-time high, while still maintaining distance from the all-time low at approximately 28% above it. This data suggests traders are navigating a mid-range valuation zone with cautious optimism, neither overextended bullish nor deep bearish positioning.