- A single address controls 88.5% of the circulating supply, approximately 644 million tokens, valued at $14.4 billion.

- The spot market is monopolized, leading to liquidity exhaustion and price distortion across exchanges.
- Institutions spend over $100,000 on small platforms with poor spot depth to push up prices by 40%, manipulating spot prices to forcibly distort the major platform's contract index, inducing retail investors to buy at the top and short, resulting in liquidation.
- Retail investors face bankruptcy risks due to high funding rates and dual-sided pressure; long positions are crushed and liquidated, while short positions are wiped out by price surges. Most participants find themselves in a dilemma of "losing whether they go long or short."