$PIPPIN Haven't watched PIPPIN in a while. After reaching historical highs, it's been consolidating for days. Now there's selling pressure on contracts at relatively low levels, the basis has widened, and the funding rate interval has shifted to 1h. Pricing power is in the hands of the whales. What about spot holdings? Unclear, but it's certain someone caught the top and hasn't cleared their position yet. What about contract positions? Unclear, but it's certain many short positions were opened during the selling. Buy low and sell high, either cut losses in time or hold tight better than the whales. Another possibility is the whales are abandoning the market. Since they're collecting fees, let's see if the funding rate turns positive or negative in the follow-up, whether it's spot selling pressure or contract short position liquidations.