On 9/23, I posted a recap about selling at the top, where I mentioned that the CoinKarma Market Pulse Index (MPI) below 35 is a good spot to re-enter the market. The reasoning is pretty straightforward. Since the upward trend began in early April, MPI below 35 has consistently been a great short-term entry point. If we subjectively believe the upward trend hasn’t been broken, this pattern should continue. This time, the MPI level of 35 corresponds to BTC at around 110K-112K and ETH at around 3.8K-4K, which happens to be where market sentiment turned bearish and the price bottomed out. Congrats to those who caught the dip! The question now is, MPI has climbed back to 80—should we sell like last time? Recently, Tether has been aggressively minting and sending funds to exchanges. Over the past seven days, more than $500 million has been printed. Historically, the last two major one-sided market moves (early and late 2024) were accompanied by similar capital injections. In this scenario, shorting carries higher risks. So even though MPI is currently overheated, CoinKarma’s official quant strategy, Ultron, has only closed long positions and hasn’t flipped to shorting. In simple terms, this isn’t a good spot to short. But if you’re holding leveraged long positions, it’s recommended to offload and wait. BTC isn’t far from its previous high—if it truly breaks out upward, chasing it then won’t make much of a difference.