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Bearish, the fundamentals are terrible, no need to force guessing the bottom Just looked at CryptoQuant's data, miner fee income ratio dropped to 0.71%, directly back to the historic low of 2015. Hashrate has dropped 23% from its peak, and $BTC has crashed from 124,000 to 63,000. There is basically no activity on-chain now, no competition for block space, miner income can only rely on that fixed subsidy. The halving of coin price plus the decline in hashrate indicates high-cost miners are being forced to shut down and sell off BTC inventory to support cash flow. This "miner surrender" phase means selling pressure hasn't fully cleared yet. Main strategy is to short on rallies, never catch a falling knife: it looks cheap after nearly a 50% drop, but the phase of miners dumping chips can easily accelerate the bottoming process, blindly bottom-fishing is very risky. Look for shorting opportunities at rebound exhaustion points: weak rebounds are handing chips to the bears, focus on high short signals after resistance pressure above. Right-side long signals: if you want to go long, at least wait for hashrate to stop falling and stabilize, on-chain fees to recover, or clearly see miner selling pressure digested and structure bottomed before considering. No new funds entering on-chain now, miners are still cutting losses, shorting with the trend is much safer than stubbornly going long