In May, I shared in the group the possibility of accelerated decline in CPI. The logic was based on the fact that European CPI began to decline rapidly after the most difficult period of high inflation.

Europe's macro data and policies are one step ahead of the United States, whether it is inflation or interest rate cuts.

Before the US election (November), there was a very certain expectation that ETH's spot ETF would pass and interest rates would begin to be cut. The market expected that the probability of a rate cut on November 8th had reached 100%.

There will still be a short-selling market in the future, but in fact, no substantial negative news has been seen. The large short positions of institutions reported in the news are just smokescreens to cover up the real positions and attract counterparties to trade. Otherwise, the positions will not be able to open, and you just happen to provide liquidity.