If we follow the traditions of the crypto world, with so many people like Longxin who don’t have any spot but still open short positions using futures, sooner or later they’d have to pump it and liquidate everyone cleanly—at least 1 to 2 times—before saying anything else. Using crypto “leeks’” money to subsidize an A-share tech-myth story is actually pretty “scientific.”

But the forces that can run a house on A-shares might not have that kind of vision or judgment. In the end, it becomes this: someone in crypto who doesn’t have a single spot ends up going crazy, using perpetuals to bet on the outcome.

It’s also pretty interesting—compared with those shoddy imitators who have already learned to profit from both sides now with spot and futures, at least this one is fairer.