Recent arrangements regarding

$MERL

for unlocking have indeed kept the market highly vigilant. From a timeline perspective, on December 12, 15, 16, and 19, around 70 million units will be released continuously. The concentration of this scale within a short period is enough to exert significant pressure on price expectations. For a market with weak sentiment, such concentrated events often amplify uncertainty.

It is important to note that the subjects of this unlocking are mostly early participants, whose cost basis is very low, creating a substantial gap with current prices. For such holders, when liquidity windows appear, they tend to realize profits, which is quite a common behavioral pattern that does not involve sentiment but is based on a simple choice between risk and reward.

Moreover, the current market depth is relatively limited, which also means that the capacity to absorb is not abundant. Even if there is no obvious selling pressure, the mere tension of expectations can affect the market. Many times, price fluctuations do not arise from 'actions' but rather from preemptive reactions to 'potential actions'.

In this context, it is more important for holders to maintain rationality in their rhythm and not treat short-term events as gambling opportunities. During continuous unlocking periods, whether to continue holding positions or choose to hedge should be based on one's own risk tolerance, rather than on the lucky judgment of 'perhaps it could reverse'. Evaluating costs and consequences in advance is often more prudent than pursuing a high return from a single opportunity.