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Bearish, fundamentals are completely broken, no need to force a bottom-guessing forecast Looking at CryptoQuant's data, miners' fee revenue has dropped to 0.71%, directly returning to the historically low level of 2015. Hash rate has dropped 23% from its peak, and $BTC has plummeted from 124,000 to 63,000. Currently, there's no activity on the chain at all, block space isn't being contested, and miners' income can only rely on a small amount of subsidies. With coin prices halved and hash rate declines, high-cost miners are already forced to shut down and sell off BTC inventory to support cash flow. During this "miner surrender" phase, selling pressure hasn't been fully cleared yet The main idea is to short on highs and never take the knife: it looks cheap after nearly a 50% drop, but during the phase when miners are dumping chips, it's easy to accelerate bottoming, and blindly bottoming out easily gets buried Look for short opportunities at rebound exhaustion levels: weak rebounds give shorts chips, with a focus on bearish signals after resistance is put under pressure Long position signal on the right: If you want to go long, at least wait for hash rate stabilization and on-chain fees to recover, or after seeing clear miner selling pressure and structural bottoming out, then consider it Right now, with no new funds entering the chain and miners still cutting losses, it's much safer to short than to hold back and go long