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Historically, many major bubbles or bull markets driven by leverage often go through a final, craziest phase—relentlessly squeezing shorts until even the most well-known and stubborn bears are forced to surrender. Only then does the market truly approach its end. Back in late July, when I identified a potential bottom, I used the February ETH rally as an example. The big players kept squeezing EasyLeopold until he couldn’t hold on and surrendered, which ironically became a signal for a temporary bottom. After that, ETH rebounded and consolidated for three months before eventually breaking down again. This time with U.S. stocks, I think the logic is quite similar, just with different players. The temporary bottom came when Citadel blew up Leopold and took over his positions. For the temporary top, I’m waiting for big bears like Burry to be forced into surrender before considering shorting. Right now, not only has Burry not surrendered, but he’s doubling down on his shorts. These short positions themselves are potential fuel for a squeeze. As long as the trend persists and liquidity remains, the bulls have the incentive to keep pushing higher and squeezing the bears. So in a bull market, I think it’s unwise to blindly short. Shorting for quick trades or pullbacks is fine, but don’t stubbornly fight the trend just because prices have risen too much. In bull markets, it often doesn’t end when valuations become reasonable—it ends when shorts are squeezed so hard that even the most steadfast bears start doubting themselves and are forced to close their positions. Only when the bulls run out of new fuel and their strength is truly exhausted does the top become more likely. Right now, Burry is still adding to his shorts. At least from this perspective, I think the squeeze isn’t over yet.