Daily chemical 60%, annualized -11425%, is this a miracle in the cryptocurrency world, or a blatant harvesting?
In the past few days, the trend of $MYX has sparked extensive discussion. Maintaining a -2% funding rate for 30 consecutive hours, the currency price skyrocketed 14 times in just 3 days, causing many to be liquidated and allowing many to see the essence of trading clearly.
Let's briefly talk about the logic of this harvesting:
First is price stabilization + funding rate harvesting.
The project party or market makers on Bitget raise the spot price through high-frequency trading, while simultaneously opening long positions on Binance and Bybit to create a short squeeze effect. The most frightening aspect of this model is not how fast it rises, but that "if you short, you lose money, even if the price doesn't move."
What concept is this? With a -2%/hour rate, if you keep your position unchanged for 24 hours, you lose nearly 50%.
Annualized, this results in a loss of 11425%.
Think about it, why does the platform allow such a rate to exist for a long time? It's very likely that the platform itself is reaping profits, facilitating bets between skilled traders and inexperienced investors. As long as someone shorts and someone holds their position, they can collect full fees, liquidation profits, and even control profits.
So why can it last so long without collapsing?
It's simple—because there are always people shorting. As long as there are short positions, there is room for a short squeeze, and the main force has the motivation to push. Conversely, when no one is willing to take on shorts, lacking "short fuel," the main force naturally has no need to maintain stability anymore. That is when the real decline begins.
Therefore, this is not simply speculation, but a game of "pseudo-random" manipulation. Your perceived technical analysis and emotional games become almost meaningless in the face of this level of funding logic.
I also lost money in this MYX market wave, but the biggest gain is:
Trading cannot be approached with luck, especially when facing assets that are clearly controlled.
In the future, I will pay more attention to meme or more decentralized small and medium-sized coins, using low leverage to capture win rates, not seeking explosive growth, but stability. In places with many people, it is always the hardest to make money.
Finally, I want to say one heartfelt truth:
Trading is a game of one in a hundred deaths. It's not because the market is difficult, but because you have no idea whether you are facing the market or a cleverly designed harvesting machine.
Less fantasizing, more reviewing. Knowing is easy, doing is hard, but it must be done.
$MEMEFI $VELVET
