#数字资产动态追踪 The start of the new year with this round of market movement, quite a few people are losing money. Just looking at the charts makes it clear—$BTC and $ETH 's short positions are piling up. What is the underlying logic behind this? Are they truly bearish on the market, or are they just scared by the decline? Interestingly, the beginning of the year is often the most emotionally fragile time. Some investors, under the pressure of unrealized losses during the year-end rally, choose to hedge their panic by taking opposite short positions. Others are technical traders who see certain key levels break and go straight into short positions. But whether this approach can be profitable is really uncertain. The market is often like this—when you short, it tends to rebound; when you go long, it often crashes hard.