$TON Firmly shorting.

The TON core team has issued a notice requiring all validators and node owners to complete the mandatory software update by 10:00 UTC on June 1st. This timing coincides exactly with the weekend's price peak, and now the price has dropped to $2.03, a decline of over 25% from the recent high. The selling pressure before the upgrade is no longer sustainable, and once June 1st arrives, the turnover rate will double, which could be the final straw crushing secondary market liquidity.

1. This mandatory update itself carries significant technical execution risks. The last major network scheduling issue caused a disruption in block production, and although no asset losses occurred this time, there is a high probability that rushed upgrades by validators will trigger performance fluctuations. If network instability or fork disputes occur after the upgrade, TON, which relies on "technological narrative" to support its valuation, will see trust shaken, causing the price to collapse from its high levels.
2. Negative news is stacking layer upon layer. TON's official cross-chain bridge and Token Bridge are set to be permanently closed on September 1, 2026, and the bridging oracle will start withdrawing staked assets from June. This process will force a large amount of wTON and jToken assets to migrate back to the mainnet, causing a sharp contraction in cross-chain liquidity and a concentrated release of selling pressure in the short term. Facing the panic sell-off before the upgrade, the bulls simply cannot withstand this chain of negative news. Nasdaq-listed TON Strategy's net loss in the first quarter reached $91 million, unable to even support this downward trend.

2.03 is already the point where retail investors accelerate their exit before the technical upgrade. Once validators update en masse on June 1st, the added technical risks combined with the massive cross-chain asset redemptions and sell pressure will make it difficult for the price to hold above $2.00. A short position of $450k is fully locked in, waiting for the upgrade-induced liquidation storm to wipe out all these chasing bulls.