Be cautious about shorting BTC, the HYPE long-short conversion has been completed.

1. The current price of BTC is 71.2K, and it cannot be shorted now. Previously, our short positions at 69-70K have already hit the stop-loss level, but the current position is not suitable for shorting, and the rebound may pick up pace again, similarly for ETH.

2. The trend of HYPE on the daily chart, in my opinion, has completed the long-short conversion. On the weekly chart, it is still just beginning to show signs. If you are a spot trader, HYPE must be allocated, and do not short it, as the risks of shorting outweigh those of going long.

3. PAXG gold token has fallen below the bull-bear line for the first time since it took off in February 2024, at a critical level of 4400U. I can't say the bull market is over, but the adjustment in PAXG's intensity and duration will be greater than at any time after 2024.