Recently, an interesting phenomenon in the market has drawn attention. Some Large Investors teams are continuously Accumulating at the bottom, and their operating strategy is very clear: first, they accumulate a large amount of Tokens at low levels, then by pumping the Spot price, they artificially create a negative funding rate in the contract market. Once a negative funding rate is formed, those who go short have to continuously pay funding, and this money ultimately ends up in the pockets of the longer. In this way, they continuously obtain fee income through this cycle and then use these profits to further pump the Spot.

Many people think that negative funding rates are determined by the long-short ratio, but that is not the case. The reality is that negative funding rates are directly anchored to the Spot price— the higher the Spot price is pumped, the easier it is for the contract price to be suppressed, and the deeper the negative value of the funding rate becomes. Once this logic is activated, it forms a self-reinforcing cycle. For teams holding a large amount of chips, this is a relatively stable profit model. Behind the seemingly calm price fluctuations in the market, there is actually a meticulous arrangement of funds between contracts and Spot.