Okay, classic reappearance! $UXLINK

I feel that the level of the UXLINK operator is not very good, not as skilled as the previous few counterfeit operators.

The price difference between the contract and the spot market is created during the process of crashing the market, meaning that the whale is preparing to crash the market, and first opens a short position in the contract to profit from the spot market crash.

However, it seems that at this stage, too many short positions have been opened, directly causing the price difference between the contract and the spot market to widen significantly, and the funding rate has reached its peak. This means that if they are unloading, the whale can only act quickly; otherwise, the cost of maintaining short positions will be substantial.

Alternatively, from another perspective, this could become a short trap? A market crash publicly announces the end of the trend, and everyone thinks that after such a crash, the trend is over, resulting in all those who chased the long positions being wiped out, and then slowly building long positions with negative funding rates, continuing to control the spot market for a second rally.

Overall, current positions are still increasing, and the market is still in a tug of war, so the probability of a direct end to the short-term trend is relatively low.
If the whale has opened short positions, they will definitely look for a position to close; with such a large price difference, when closing, it will show a decrease in positions and a rebound in price, which would be the last chance to escape.
If the whale wants to control the market a second time, then the positions are unlikely to decrease quickly, because they also need to build some long positions here to earn the funding rate. If the market stops falling, or even slightly strengthens, they can follow up with a little bit of ant positions, and if there are unrealized profits, they can slowly increase their positions.