From the market structure perspective, this position has been oscillating for several days. The positive news that should appear has basically all appeared, and large-volume chips are also mostly concentrated in place.

What is most likely to happen at this stage? Every rebound seems to be an opportunity for the main players to offload. The reason is quite straightforward—chips are too heavy. The heavier the market cap, the weaker the momentum to push higher naturally becomes.

What does a truly good trend look like? It should be a series of waves pushing upward, rather than repeatedly grinding in high attention levels, only to end up stagnating. Doing so over time will inevitably exhaust participants' patience.

Look back at past trend records, any asset with explosive popularity but prolonged sideways movement mostly ends downwards. This is not just a psychological judgment but a pattern observed from chip distribution and market structure.

All of the above are based on observations of trend and chip distribution. How it will develop next, time will tell.