According to TechFlow, on November 19, CryptoQuant CEO Ki Young Ju wrote that data shows that the current profit ratio of Bitcoin's unspent transaction output (UTXO) has reached a new high of 99.3%. Historical data shows that, except for the bull market trap in November 2021, this market excitement period usually lasts 3-12 months. This round of excitement has lasted for two weeks. There are currently two possibilities for short selling: either accurately capture the top or establish a short position at the bottom of the parabolic rise.