$BEAT's recent decline has weakened from 4.50000 down to 0.3723, and the underlying logic is quite clear: early hype has exhausted valuation potential, coupled with continuous capital outflows, and the technical indicators also strongly confirm this weak market pattern.

Let's look at the performance from the capital side. The total holdings show a pattern of first increasing and then decreasing during the decline, reaching a peak around 10:30 before dropping sharply. This point is critical—by analyzing the changes in the large account long-short ratio, it can be determined that the main players have already completed distribution at high levels, and now the main buyers are retail investors. More painfully, active sell orders have long suppressed active buy orders, and selling pressure has not been effectively absorbed. This is the fundamental reason for the lack of strength in the rebound.

The technical performance is even more straightforward. The daily MACD formed a death cross at the top and continued to decline, with the price breaking through two key support levels at 1.0 and 0.5. Each rebound has been on decreasing volume, showing no sustainability. On the 15-minute chart, after bottoming at 0.3723, the price rebounded to 0.4317, but the trading volume did not expand accordingly, and MACD did not form a valid golden cross. This lack of volume in the rebound makes it difficult to change the overall downtrend. If the 0.40 level cannot be defended next, it is highly likely that the price will test the previous low again.

Currently, BEAT remains in a weak state after valuation normalization, lacking incremental funds and positive catalysts. In the short term, a reversal seems unlikely.