Some institutions use investors' money to buy the pie in real time and place orders at what price they bought the pie.

It may be that while buying spot goods secretly, you may also sell options at the same time. The rise and fall of the pie does not affect his interest income, and he even looks forward to the fall so that he can buy cheaper pie.

Think about it, there are fewer institutions that have exploded in the deep bear market (after FTX), and institutions will not leave the market if they cannot get leeks. In the early days of Niu Chu, various star project organizations cashed out or took the initiative to make thunder, because there was a leek willing to take over the project.