CRCL short acceleration segment only begins; don’t rush to bottom-fish! In the four hours, consecutive downward pressure has resulted in a net drop of 2.32%. Each rebound high is lower than the last—that’s the standard pattern of a self-reinforcing trend, and the downturn hasn’t finished yet. On the contract side, price is continuing to slide lower while open interest is still increasing. The shorts are adding positions and pressing down rather than exiting. Go short directly: enter at 92.6. First target: 88.9. If it breaks below, watch 85.8. Stop loss: 97.9. If it stands above, then the short thesis is wrong—cut losses and leave. This kind of market—catching a falling knife—basically means sending money to the big operator. Short it and be done.