The trading market is flooded with high-frequency quantitative robots controlled by market makers, which manipulate coin prices and funding fees to continuously harvest the market. Market makers hold a large number of contracts bought at low prices, pushing up the coin price using profit from funding fees, and then earning even more from additional funding fees. Over 95% of the coins in the market are in the hands of market makers, who raise prices and stabilize sideways trading to steadily collect funding fees, rather than simply selling off. From 15:00 on January 5 to 06:00 on January 6 (inclusive), the total funding rate was 19.55%. In just 15 hours, nearly 20% profit was achieved, making this a more sustainable strategy than simple selling. Robots control the prices, allowing them to continuously harvest the full amount.

By carefully observing market trends, every time a large bearish candle is about to trigger a chain of liquidations, there is always a force stepping in to support the bottom. Data shows that in the past day, all liquidations were on the short side, with a loss rate approaching 70%, while longs gained huge profits. This is because the behind-the-scenes market manipulators are actually on the long side.

In the future, more speculative scenarios that profit from funding fees will emerge in the market. Going long, unless there is advance news to buy the dip, will be killed by a sudden drop. Going short is even more unnecessary to consider; whether sideways or downtrend, profits cannot outweigh the paid funding fees, and rising prices lead to liquidations, which is always unfavorable to investors.