So I didn’t suggest chasing the short position, I just shared some views based on the trend, and the profit was fixed at 36.5 times. I closed the position because it didn’t make much sense to continue holding it - the profit of a short position has an upper limit.

The reason for closing the position is clear: the market has seen a huge increase in volume, but the price has not reached a new low, but rebounded by 30%, which indicates that the big investors or dealers have closed a huge short position at this position and completed the profit. The contract open interest also dropped after the high point, and the rate turned from negative to positive. These signals all verify that the dealers or big investors have completed the profit of the short position. Since the dealers have withdrawn, it is meaningless for small retail investors to continue to hold positions.

In addition, Binance updated the REEF contract opening leverage and maximum position limit this afternoon, which means that large investors and market makers are no longer allowed to continue to play with large positions. Market makers cannot make big money relying on the dozens of U positions of small retail investors. This wave has basically reached a stage strategic point.

Will it rise? If it is a normal Binance copycat, I don’t think it will rise. You can go and see what the trend is now after playing like this.

But I think the reason why reef was manipulated by dog ​​dealers was because Binance removed the spot product but did not remove the contract!

If Binance announces the delisting of spot products, retail investors will be forced to sell all their chips at a loss. All the chips will be bought up by the market makers at low prices. There are probably not many chips left outside. If the market is controlled by 80% to 90%, and Binance has not delisted the contracts, the contract depth of Binance is still very good.

Therefore, you only need to mindlessly pull spot products from other small exchanges, which requires very little capital. At the same time, you can build up the depth by going long on contracts on Binance, and then create heat by continuously pulling up the market. Naturally, many people will participate in playing this game.

You can continue to pull up the market and continue to short. On the one hand, you can make a huge profit from the long orders opened at the lowest point, and on the other hand, you can eat the snacks sent by the air force. It can be said that you are very happy. If you don't want to play anymore, you can pull up the market at the highest position to lure more and then close the long orders. At the same time, open a large short order, you can directly smash the market to explode more. At the same time, the short orders continue to make profits, and close the short orders at the bottom. It's a complete harvest of long and short orders!

Because the spot market is all in small exchanges, it is impossible to estimate how many chips were eaten up by retail investors during the process of pulling and smashing the market. Because the depth of small exchanges is poor, the pit will not lose many chips. This means that the dog dealer still has a high control rate, so if you want to play, you can play however you want!

However, the probability of a re-performance in the short term is extremely small. It will take time to repair the popularity that has just been damaged. If Binance directly removes the contract, then the dog dealer will no longer have the opportunity to operate!