Yes short a company that just today their stock went up 24% as a substitute for shorting tether that can never go up above $1 that should lower your risk.
Don't short it. Buy long term put options and roll it. It's a better way to bet on a collapse.
As to it going up today, it's still a 20b company with huge operational costs and no profits operating in funny money world full of scams, regulatory risk and having very little growth potential (after 13 years of crypto there is still no use case other than going around or breaking the law and it already reached its Super Bowl ads state so it's not like any more adoption is likely).
Yes, you already missed the biggest gain as it's already worth about 25% of what naive public paid but there is still one way to go.
