The current IP structure has明显 weakened, and short opportunities are emerging. Recent observations of $IP show multiple signals converging from technical and supply-side perspectives, making the downward trend quite clear. Any rebound has consistently failed to hold key levels, and the volume-price dynamics are also weak—characterized by rising prices with shrinking volume, a clear sign of a weak rebound. Short-term moving averages are already in bearish alignment, and any upward move is likely just providing better entry points for short positions. More importantly, the VC+ team's unlock window approaching mid-January will likely bring significant selling pressure from low-cost shares, potentially becoming a systemic supply source. Market expectations of a supply surge have already locked in the upward potential, with growing signs of hesitant buyers and sellers reducing their holdings. The unusually high trading share on Korean exchanges combined with extreme volatility indicates that liquidity is driven more by short-term sentiment. In this structure, going long essentially means buying at high cost, which carries significant risk. Fundamentally, there's currently no sustained positive feedback in the ecosystem's TVL, activity, or developer momentum. The narrative is still in the early stages of realization, and with supply expanding and new demand lacking, the medium-term bearish logic remains valid. It's currently not advisable to blindly go long. A rational strategy is to gradually build short positions at higher levels, waiting patiently for the supply release and a secondary emotional correction to create further trend space. The outlook remains bearish for now—stay vigilant.