#比特币ETF资金流动 Seeing the recent market movement of PIPPIN, I am reminded of my own experience of being liquidated back in the day. The price is approaching all-time highs, which looks very tempting on the surface, but on-chain data is already sounding the alarm — the fund outflow index has fallen below zero, and retail investors are quietly reducing their positions.

This is what I often refer to as the "distribution phase." While most people are still dreaming of new highs, smart money is already offloading. Whales are indeed increasing their holdings, but don’t be fooled — large investors hold far more chips than retail traders. Their buying can easily push up the price, creating the illusion of a buying opportunity for followers. Historical data shows that this combination of "whales supporting the market + retail FOMO" often precedes a sharp decline.

If it truly breaks above $0.530, aiming for $0.600 sounds very promising. But on the flip side, once it drops below $0.434, the risk of a pullback to $0.366 is very real. By then, it’s no longer profit-taking, but people being forced to cut losses.

My advice is, don’t chase the high. This position is no longer a safe entry point; the risk and reward are severely mismatched. If you already hold a position, at least set a stop-loss — don’t wait to get caught in a trap. Living longer is more valuable than making quick profits.