In the current market environment, it is not advisable to heavily short Bitcoin at this time Upon closer examination, the reasons behind it are: Firstly, institutional capital continues to be injected. In April, the net inflow of US spot Bitcoin ETFs exceeded $2.4 billion, providing solid buying support for the strongest dominant forces such as BlackRock this year, like a rock in the market Secondly, macro variables have been largely digested. The geopolitical tension in the Middle East is easing, shifting from potential negative to a rebound in risk appetite. The Federal Reserve's interest rate remains high, although it has not cut interest rates, Bitcoin has shown structural resilience and its correlation with traditional policies is gradually weakening Thirdly, the funding rate in the derivatives market is negative, about -0.004%. Short positions require continuous payment for long positions, which is costly; The long short ratio is close to equilibrium, and the bullish power of spot and ETF is not exhausted Technically speaking, Bitcoin rebounded and broke through the 80k mark, posing a risk of leveraged short positions being squeezed. Under this structure, being bearish in heavy positions may lead to going against the trend