2025-12-01 21:22:15

Recently, while looking at the on-chain data of PIPPIN, I found something quite unusual.

The average long position price on the big holder's side actually slid from 0.83 to 0.81. Logically speaking, if no one is closing their positions and leaving the market, this average cost price should be stable, and it might even rise due to new positions being added. Why has it decreased instead?

I was wondering, could it be that the whales who built positions in the range of 0.18 to 0.196 just couldn't hold on anymore? Did they sell off part of their positions? After all, only by liquidating the low-priced positions can the overall average price be pulled down.

But this logic confuses me - those who entered the market early at a low position originally had a clear cost advantage, so why did they suddenly stop playing? Is it because they are bearish on the market? Or is there a problem with their funding chain?

Is there anyone who understands on-chain data to help me check if my understanding is correct?

PIPPIN-0.44%

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PanicSeller69

· 12-04 19:06

The drop in average price doesn’t necessarily mean someone sold at a loss at a low point... Could it be that a new large entry brought the average down? Just thinking from a different angle.

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FloorPriceWatcher

· 12-04 16:30

The drop in average price is indeed outrageous, but I don't think it's that complicated. It might just be someone dumping and picking up some low-priced orders. If the early whales were really in trouble, there would have been a bloodbath on-chain long ago. This kind of drop can’t really be called panic selling.

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SlowLearnerWang

· 12-03 23:07

The average price is dropping? That doesn’t make sense. How could early whales be selling at a loss now? Feels like there’s a story behind this. Why do I feel like someone is wash trading? It’s more likely a fake illusion. Are the guys who bought the dip really unable to hold on now? Or are they tricking us into selling at a loss? I’m numb. Got trapped again. Should’ve never chased that thing. This data is kind of weird. Need to find someone who really understands on-chain analysis to ask. Not feeling good about this. The trend might have reversed.

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GasFeeWhisperer

· 12-03 14:00

Whale taking a loss? I don't get it. How can early entrants be so vulnerable?

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pumpamentalist

· 12-01 21:52

The decline in average price indicates that someone is offloading their bottom positions, but is the low-level whale cutting losses? This logic really seems a bit strained. It's hard to tell whether the capital chain is having issues or if they are feeling trapped, but this signal is indeed not very good.

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TokenomicsShaman

· 12-01 21:51

The average price fell from 0.83 to 0.81, which is indeed strange. But I think your logic is reversed—liquidating low-position chips would actually pump the average price, not lower it. Unless large positions are being built at a new low price?

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screenshot_gains

· 12-01 21:46

The decline in the average price is indeed strange, but I think we might consider it from another perspective — those early whales actually didn't cut losses; they were just building a position. Accumulating at low prices and bringing the average price down seems more normal, right?

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WealthCoffee

· 12-01 21:45

Early whales cutting loss? That must be so desperate, with such a large cost advantage and still running away, unless they really see something that we can't.

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LightningPacketLoss

· 12-01 21:42

Early Whale Cut Loss? This doesn't make sense, how can they bear to move low-level chips? --- A decrease in average price indicates what? The low-level positions have been cut, but the motivation is the blind spot. --- Is the capital chain unable to hold? Or is there a pessimistic view on the future? It's terrifying to think deeply. --- This logic doesn't add up, bro needs to supplement the cycle perspective. --- The average cost decreasing in reverse is indeed strange, could it be that Large Investors are Whipsawing? --- Could it be that someone has been liquidated? The leverage trap is quite common. --- Are low-level Whales actively rug pulling? That would be alarming. --- The average price turning around too quickly, beware of dumping signals. --- Bro, this discovery is quite interesting, but it needs to be confirmed with Trading Volume coordination.

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