The actions of the big players backed by real money are always more honest than the frantic shilling. After Sun Yuchen and Sky’s protocol founder have both withdrawn their PEPE funds.
When the top players settle their accounts and leave the table, what will the remaining market rely on to hold up? On extremely abnormal leverage. For “normal” assets like BTC, the ratio of open interest in its futures to market value is only about 2%, while small-cap coins like PEPE are as high as 24%.
Put these two clues together, and you get an extremely dangerous crash warning: the spot frontrunner is retreating, yet the market cap is stuffed with futures positions that could potentially trample each other at any moment. This isn’t a “washout and turnover.” It’s a high-risk lock-up right before a bubble tops out. There’s no solid floor to valuations propped up by contract dead-end pricing—this kind of musical chairs, I refuse to be the last one holding the bag.
#PEPE
When the top players settle their accounts and leave the table, what will the remaining market rely on to hold up? On extremely abnormal leverage. For “normal” assets like BTC, the ratio of open interest in its futures to market value is only about 2%, while small-cap coins like PEPE are as high as 24%.
Put these two clues together, and you get an extremely dangerous crash warning: the spot frontrunner is retreating, yet the market cap is stuffed with futures positions that could potentially trample each other at any moment. This isn’t a “washout and turnover.” It’s a high-risk lock-up right before a bubble tops out. There’s no solid floor to valuations propped up by contract dead-end pricing—this kind of musical chairs, I refuse to be the last one holding the bag.
#PEPE