Saturday, April 26, 2025 💨
The market is still consolidating at high levels, with continuous inflows of ETF funds, waiting for a key positive or negative catalyst to determine the direction.
There are discussions of both rebounds and reversals; although it's unclear how long this small spring rally can last, it has indeed provided many opportunities for various altcoins to rebound, and almost every day there are small-cap altcoins performing miracles.
It is worth mentioning the token $ALPACA , which is set to be delisted on the 30th. After the delisting announcement was made, they have completely stopped pretending; first, under the guise of being a market maker, they announced plans to issue more tokens, attempting one last push before delisting. Then they short-squeezed from 0.029 to 0.3477, achieving a staggering 1200% increase in just three days.
I advise those who are shorting fervently that such behavior is merely fuel for the market makers. Binance has now adjusted the funding rate to charge every hour; the market makers are shorting while profiting from the funding fees, which is simply delightful for them.
Let’s do some math: Currently, the total value of positions on Binance contracts is $39.5 million, with large holders having a long-to-short ratio of 1:1. As long as they stabilize the price in the spot market, longs can earn $400,000 in funding fees per hour, with the market makers’ long positions easily pocketing over $100,000. If they maintain the price in the spot market, that’s nearly $2.4 million a day, like picking up money.
As long as you keep shorting, the market makers will always have a counterparty, and the short squeeze will continue. So really, stop trying to catch the top. Ever since Binance adjusted the funding rate collection time for this token, it’s hard to say where the top is. Although I dare say that before the 30th, market makers will 100% close their positions and sell off, leading to a flash crash in price, but right now, the funding rate doesn’t seem to be in their favor.
Currently, $ALPACA has reached a maximum of 12x, before delisting on the 30th, will it be 20x? 50x? 100x? Let’s take a guess?
