From a short-selling perspective, IRYS's sideways movement over the past two or three days has indeed been somewhat unsettling. Coins that are still in an uptrend can be understood as part of the ongoing trend, but this repeated oscillation without a clear decline often indicates that major players are operating in the shadows.

The common tactic is as follows: first, they accumulate positions through sideways consolidation; once the chips are concentrated to a certain level, they start pushing the price higher. At the same time, they drive the spot price even higher, causing the funding rate to turn negative. If the short sellers do not close their positions at this point, the main players will continue to push the price up. Light positions are gradually eroded by funding costs, while heavy positions are pushed to liquidation.

I have already exited my CLO position; I will observe IRYS for another day before making any moves. For coins that are under strong control, they indeed test one's mental resilience more than coins that are still rising.