Recently, PIPPIN's performance has been quite interesting. Take a look at that funding rate—negative 0.13 per hour. This number has become ridiculously extreme. According to normal logic, such an extreme negative funding rate can only mean one thing: there are too many short sellers in the market, and institutions are frantically siphoning off funds.

Think about it, can such a harsh fee structure continue? Of course not. History always repeats itself—when the rate is driven to a certain extreme, suddenly it becomes a bullish indicator, and all the shorts are wiped out. This pattern has been proven countless times before.

Even more outrageous is the long-short ratio. We all know what a normal market structure looks like, but the current ratio is completely off. Look at the on-chain data, those whale positions—honestly, they increasingly resemble the orchestrations of a single market maker acting alone.

Ultimately, it all comes down to this: one side is harvesting short funds through a vampiric fee collection, while the other side is creating panic with massive orders, pushing retail shorts tighter and tighter. Just wait, once the funding rate is saturated, it will reverse. When that happens, see who still holds short positions.