The square is filled with bearish voices on pippin, which creates an interesting phenomenon. To be honest, I was originally in the short camp, but seeing so many people collectively shorting makes me a bit suspicious. This extremely crowded bearish sentiment often becomes a contrarian indicator for the market. According to market game theory, with such concentrated short positions, the main force will either directly break through the psychological barrier or choose to consolidate around the key level of 0.5. Frankly speaking, after messing around with pippin, shorts are not gaining much benefit; instead, the risk of being trapped is increasing. This extreme emotional state in the market often signals the possibility of a reversal.