#美联储降息 PIPPIN short-term target is 0.5U, with medium-term looking at a 1U opportunity.

Recently, I observed an interesting pattern in this project — the bottom continues to rise, and each dip actually becomes a new support point. Although the funding rate is negative, short positions are shrinking, and the price stubbornly refuses to break down. What does this indicate? Retail investors have already lost their chips; most of the circulating supply is in the hands of institutions and major players.

Their tactics are also very old-fashioned: negative funding rates attract retail to short, turning retail into liquidity when they want to pump the price. On-chain data does not show signs of large-scale capital withdrawals, indicating that holders are still waiting for the subsequent market moves. Based on this logic, the upcoming strategy should be — primarily buy on dips, with pullbacks presenting opportunities to build positions.

$PTB, $FHE, and similar hot topics are also worth tracking, but the core still lies in understanding the market’s capital structure.