Haven't checked Pippin in a while. After reaching a new all-time high, it has been consolidating for several days. Currently at a relatively low level, the contract is being sold off, the basis has widened, and the funding rate interval has changed to 1 hour. The pricing power is in the hands of the big players. What about the spot holdings? Not clear, but it’s certain that someone bought at high levels and has not yet fully exited. What about the contract positions? Not clear, but it’s certain that many short positions were opened during the decline. Buy low, sell high, cut losses in time, or hold stronger than the big players. Another possibility is that the big players are abandoning their positions. Since they are paying funding fees, we will see later whether the rates turn positive or negative, whether the spot market is selling off, or if the contract shorts are closing their positions.