$FHE can be empty now, the funding rate has dropped a lot. The 15-minute K-line has shown multiple long upper shadows (for example, during the period of 1768830300000, it surged to 0.2249 and then retreated to 0.2233, forming a cloud cover pattern), combined with the price retracting 13.7% from the intraday high of 0.2249, indicating heavy selling pressure above. The latest K-line (1768854600000) shows a small body oscillation, with trading volume sharply shrinking to 120,000, indicating a strong wait-and-see sentiment in the market.

Watch whether it breaks the target price of 0.1883; if it does, a death spiral is expected to begin.