The long positions of $BEAT are now in a worrying situation. To be honest, the market is mainly driven by robots behind the scenes, which explains why the price movements are so regular and also why the whales haven't dumped their holdings yet. In contrast, $PIPPIN is different; it’s a hybrid of humans and machines.

Where is the problem? Currently, the big whales are no longer buying spot, but instead trying to ride along and take a bite. This directly triggers the machine’s critical activation mechanism. When the machine perceives a lack of buyers for the spot, the only action is to sell off the spot and keep pushing down, forcing the long positions to break.

In this situation, hedging is too late anyway, since no one knows when these whales will come back in the middle of the night for another round of operations. Staying alive is simple — those whales need to buy spot. But the reality is, that’s not going to happen.

People unwilling to cut losses only have one way out: hold on stubbornly. Fortunately, the current fee rate is still positive. The trend is still climbing upward. I bet these long whales will give in before I do. Once they retreat, the machine’s setup will truly push the price higher. After all, the fee rate is positive, and given their size, even a positive fee rate is a significant expense.