LIGHT has been plunging from the high of 0.8758, and the bearish pattern has been gradually established. Just looking at the changes in the funding side can reveal how quickly this shift is happening—contract open interest continues to decline, large traders' short positions account for a noticeably higher proportion, and active selling volume has increased periodically. The bears' layout rhythm is quite clear.

The technical aspect is even more straightforward. The short-term candlestick is being tightly suppressed by moving averages, and the MACD has formed a death cross with the green bars still expanding. The rebound momentum has almost dissipated. Currently, the price is oscillating around 0.65 repeatedly. Once the previous support at 0.6070 is broken, the downward space will open directly. When such a structure of rising and falling back, with volume and price divergence, appears, shorting becomes quite attractive in terms of cost-effectiveness.

The risk control logic is simple: place the stop-loss at the key resistance level of 0.68, and target the support zone below at 0.60. Once a downtrend is established, the inertia can often be quite fierce.