Looking back at the operation on January 13, we judged at that time that if the new high broke through, it would need to reach the 30 level. Last night, it finally touched 31.473, which is basically in line with expectations. These operations were actually planned in advance and not improvised.

The key factor was the funding rate. Last night, when it dropped to -2%, it was already a signal—at that point, we added a short position, and the market indeed started to reverse at that level. It also seems that -2% became a watershed for market sentiment.

The short positions have already set stop-loss to break even, now we just wait to see if there will be a more intense correction later. The market often consolidates at such confirmation points, just need to be patient and wait.