The current trend of #美SEC推动加密创新监管 is worth noting. From a technical perspective and capital flow, the short positions during the Rebound phase may have an advantage.

First, let's look at the fundamentals: the spot price has skyrocketed nearly 2400% from the bottom range. Behind this surge, early-entering miners have accumulated a large amount of chips. When will the profit-taking pressure be released? This is an unavoidable question.

Looking at the mining ecosystem again. The demand in the mining machine market is weakening, while mining costs remain high—this combination reminds people of the script of FIL back in the day. After the heat, price corrections often come faster than expected.

The key point is the funding situation. The recent market characteristics are very clear: the upward momentum has weakened, while the pullback has increased. A typical "rebound" pattern of "rise one step and fall three steps" indicates that the bullish momentum is already insufficient.

In this market structure, the risk coefficient of going long against the trend is relatively high. Following the trend and looking for suitable short positions during the rebound phase may be a more rational choice. After all, the market will not change direction due to emotions.