Some opinions:

1. The decline was quite rapid, with the entire market resonating. It stabilized for now on Sunday, which could be the end of it, or it might just be the beginning of a quarterly decline.

2. Based solely on the chart, I lean towards the latter( with other rounds), but market sentiment seems more like the former( after the fall). When the two judgments conflict, we can only leave it to time to see whether new narratives will hit sentiment or if a longer-term decline will occur after a rebound.

3. From a bearish short-selling perspective, the price hasn't fallen to a satisfactory low. But from a low expectation standpoint—"an expected annualized return of 40% is good"—it’s not bad to have dropped here in just one month. So, roughly, reduce net short positions by 1/3. Continue to decrease if it falls further, and add back on rebounds.

Maintaining the bearish outlook for this year. However, macro and external environments are indeed highly uncertain, and the decline may not be one-sided.