The movement of PIPPIN exposes some deep market logic. Looking at Velo's data, you can see that the recent sharp drop was actually intentional—specifically targeting investors who went long near $0.52.

What's even more interesting is the recovery of the $0.287 support level, which was driven by spot institutions simultaneously building positions on both sides. They are shorting on one hand while accumulating at the bottom, a strategy that has long become a routine operation in the market.

This kind of arbitrage behavior by counterparties is almost the most powerless aspect of the crypto market—retail investors always get caught on both ends.