Looking at PIPPIN's recent market movement, what's truly worth paying attention to isn't the direct confrontation between it and the whales, but rather how much of the funding rate behind the scenes has been absorbed. The whales definitely won't let this head short position be closed in the short term. Instead of forcing the market, it's more profitable to let it consolidate—gradually eating up the funding rate, and relying on small fluctuations to continue harvesting. The previous pump was essentially to blow out the small positions following it; once it can't be pushed further, traders will settle their mindset and start entering a fee-earning mode.

To put it plainly, most of the big traders' recent public disclosures on the square haven't been very ideal. Some have announced large-scale position-building plans, only to end up either liquidated or forced to admit losses. Will this situation repeat itself this time? History often looks remarkably similar.

In trading, you still need to learn how to protect your positions to avoid passive exposure. The cost of not affording the funding rate is one thing, but the risk of being targeted is even more unacceptable.