Friends who have followed #比特币对比代币化黄金 and the $pippin short strategy should have already seen decent gains. Recently, I've observed some signals worth being cautious about—major players might be preparing to exit.

Let me explain my reasoning.

From a trading tactics perspective, after accumulating chips at low prices, the main players start to push up the price, but every time it rises to a key level, it suddenly pulls back sharply. This approach harvests the longs who chased the price up and gives the shorts some quick wins. After several rounds, bearish sentiment is fully stirred up.

Then comes the real pump phase. By shuffling spot between their own accounts, they push up the price, creating a clear gap between spot and futures, and the funding rate is driven directly into negative territory. The excessively negative funding rate turns the bears into fuel, and the main players use the funding fee gains to keep pushing up the spot price.

There's another detail: around 1 am every day, there is a downward wick. Most Asian users are resting at this time, so it's likely the main players are quietly offloading positions during this window.

Now, the funding rate has returned to nearly zero, indicating that the main players have basically stopped aggressive trading. Based on historical patterns, this state often signals that the final wave of profit-taking is about to begin. Stay alert.