Recently, an interesting phenomenon has been worth noting— the performance of certain high-volatility tokens has made many traders feel the "temperature" of the market.

Take PIPPIN as an example, which recently plummeted by 48%, with the price approaching the early opening position level. Although it seems like "breaking even," in reality, the bulls have already profited significantly through cross-platform positions and funding rates. The key detail is: the current price hovers around 0.3, while the funding rate has reached -1.6%, settled hourly—how terrifying is this number? Assuming the market consolidates with oscillations, short positions are being "slowly worn out."

Assets like ETH, BEAT, FHE, and others also exhibit similar high-fee environments. What does this mean? Shorting easily is not cost-effective. Under the influence of the Federal Reserve's rate cut expectations and the promotion of crypto innovation regulation, market sentiment is complex, and short-term volatility is intensifying.

Trading advice is straightforward: the current price offers a mediocre risk-reward ratio, so it's better to wait for clearer opportunities before taking action. Shorts should be especially cautious of the ongoing erosion caused by funding rates.