Funds are running, prices are kneeling—this is the most honest short structure. Spot large orders saw a net outflow of -390k over the past 15 minutes. The taker buy ratio is now down to only 46.8%. Any rebound is just retail catching the falling knife—big players already left early. Over the past 1 hour, there have been 6 K-lines, with 5 being bearish. Price is below MA20 and MA50 across the board. The 4H momentum is already exhausted. Ahead, 119 is the ceiling. Enter short at 114.5. First target: 109. Second target: 107.3, looking toward the 3-day low. Stop loss: hold above 119.68, with a trigger above 120.5. If it breaks below 113, accelerate—don’t hesitate. This selloff isn’t over yet.