Don't worry about Yi Lihua! A bull market return is impossible, an absolute bull market return.

Comparing the S&P 500 and BTC from October last year to now, the trend is quite obvious.

**Phase 1:** BTC follows the US stock market downward.

**Phase 2:** US stocks rebound, BTC oscillates.

**Phase 3:** US stocks can't push higher, BTC declines first out of respect.

**Phase 4:** US stocks decline, BTC oscillates.

Even if US stocks move upward, BTC may not necessarily follow. Moreover, US stocks are still in a downtrend channel, and it's uncertain whether the decline is complete.

US stocks up, BTC doesn't follow,
US stocks down, BTC leads the way.

Therefore, unless the major US stock downtrend is fully exhausted, it will be very difficult for BTC to show obvious upward movement—at most just a brief upward shake. This kind of upward oscillation shouldn't be enough to liquidate Yi Lihua's short positions.

Of course, if the oscillation lasts a long time, grinding down the funding rate is another matter entirely.