Besides the lack of more positive expectations other than a geopolitical pause in conflicts, at the chip/positioning level, it looks like the short-term holders who will have boarded around the 66.6k area ahead will definitely take profit and rotate positions. For now, we should focus first on the sentiment for the most recent week; the high-level short (high short) also isn’t happening this quickly for the moment. The main point is still whether Trump will keep doing it repeatedly.