Da Bing still faces adjustment pressure in the short term, with three major signals on the market: 1. weak buying in the order book, 2. continuous outflow of main funds, and 3. dominance of short positions at the four hour level. Although ETF institutions are still increasing their holdings daily (with a net inflow of $600 million on the 3rd), the market lacks short-term momentum and is expected to retrace its first target to the support level of $105500. The pressure level is 108600 US dollars, but the medium to long term bullish logic remains unchanged. The cumulative effect of institutions' continuous buying will support the price, and the target of 130000 US dollars is the medium to long term expectation. The current adjustment is a healthy technical step back!