To be honest, $MERL it is no longer a question of whether it is 'worth buying' but rather 'who is still picking up the pieces'.

Unlocking like an alarm clock ringing round after round, chips continuously flowing out, but the buy orders in the market are getting thinner—this is not a pullback, it's a loosening of structure. The price can hold, but it's not based on faith; it's about toughing it out.

Looking at the macro environment, high interest rates are pressing down, and there isn't much money to begin with. During this phase, funds are only doing two things:

Either embracing the strongest main line or directly lying flat to earn risk-free returns. This is not the time for assets that require continuous support.

The most crucial point:

8 million dollars' worth of chips were directly thrown into Bybit.

This kind of operation is hard to say is a 'strategic adjustment'; it sounds more like an implicit message—'I'm ready to sell, you figure it out.'

So my own conclusion is very simple:

Thinking about bullish logic at this position is too forced;

On the contrary, being bearish doesn't require much imagination.

I will choose to go short, rather than pray.