2025-12-13 23:21:17

PIPPIN's leverage has been cut from 50x to 20x, and this adjustment itself reveals several issues. It appears that the bullish momentum is indeed waning, while the bears are also gearing up—major platforms have already posted million-level short positions. Interestingly, the bulls also have to bear additional funding cost pressures. In such an environment, the market makers maintaining sideways movement is already a decent performance.

Looking back, a certain exchange's inability to trigger a breakout with a 20x short position on another cryptocurrency has already shown the actual strength of the short side. The current situation of PIPPIN seems to confirm this trend—short-term upward potential is compressed tightly. Market participants are each calculating their moves, but a real breakout requires more variables to come into play.

PIPPIN30.66%

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WinterWarmthCat

· 12-13 23:51

The tactic of cutting leverage... is truly brilliant. Even with millions of short positions, the bears can't do anything about it, indicating that the bulls haven't completely given up yet.

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0xSunnyDay

· 12-13 23:50

Leverage cut in half? Basically, the big players are also scared. Who are they scaring with a million-dollar short position?

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ApeWithNoChain

· 12-13 23:50

Bro, going from 50x to 20x is basically the market maker feeling nervous. They hold a million short positions, and the longs still have to pay funding fees. This buy-sell situation is getting more and more ridiculous. Is sideways trading expected to show performance? That just means there are no good news, they really can't make it happen. Last time, the 20x leverage couldn't move the market either, and it's the same here—it's all just paper tigers. We have to wait for variables to appear, but who knows when that will be.

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FreeMinter

· 12-13 23:29

50x directly cut down to 20x, this surgical knife is swinging a bit too hastily... indicating that the big players are really panicking. Short positions at the million-level are hanging on, while longs still have to pay funding fees... this situation is indeed a bit intense. The previous exchange's shorting didn't really shake things up, and PIPPIN is still at this level, breaking through is really difficult.

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