Point 3, I made a mistake. It should be: Whales gradually accumulate spot at a massive rate per hour, raising the spot price, while synchronously generating huge floating profits from the whales' long contracts.

$ALPACA Personal Analysis: Why Did Binance's Announcement of Delisting Trigger a Surge in $ALPACA?
1. Binance announced the delisting, triggering a large number of short positions.
2. Whales initiated a massive long position, triggering Binance's top rate.
3. Whales gradually reduced their spot positions by earning massive fees hourly, driving up the spot price, while simultaneously the whales' long contracts generated substantial unrealized gains.
4. What the whales need to do is to gradually increase contract profits by collecting fees because, clearly, the profits from contracts far exceed those from spot trading.
5. The timing of the delisting of Binance contracts arrived, leading to automatic liquidation by Binance, and whales realized massive profits.
6. After the contracts were delisted, whales gradually sold off their $ALPACA spot positions until the time came for Binance to delist the spot $ALPACA.

Therefore, the conclusion is:
1. Before the contracts are delisted, $ALPACA will continue to rise. This is also the whales' intention - to gain massive profits through long contracts. Therefore, do not short before the contracts are delisted; $ALPACA will continue to rise to an astonishing range.
2. After the contracts are delisted, the time window before the spot delisting is when whales will sell off the accumulated spots they hold, and $ALPACA will plummet. Those holding spot positions should sell before this period.