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From the current on-chain chip flow and contract positions, low-priced chips have been heavily absorbed, and the short positions in the contract market remain large. Behind this phenomenon lies a typical long-short game logic.
On one hand, project teams and major participants accumulate sufficient low-priced chips on-chain and then open大量空单 (large short positions) on the contract side — clearly aiming to eat from both ends. Their goal is very clear: by诱导散户入场做多 (inducing retail investors to go long), once the long capital flows in, they quickly close their short positions to profit. Conversely, when short positions become too large, they will turn around and push the market to爆空 (explode short positions).
This is a typical case of wanting everything at once. This dynamic balance among market participants determines the short-term price trend. Understanding this underlying logic is crucial for assessing the risks of contract trading.