Bitcoin rebounded by 5 points this week, and many traders are cheering, but your PEPE is still dropping - it's really not that simple behind this.

Recent data speaks volumes. The open interest for PEPE has dropped from $121.5 million to $114.5 million, clearly indicating a contraction in scale. What does this mean? Large funds are fleeing, selling pressure is continuous, yet the number of buyers is decreasing. Looking at the daily chart, you will find that the RSI is stuck at a low level of 40, and the A/D indicator is continuously weakening. This is not just a simple washout, but the trend is genuinely deteriorating.

What’s more heartbreaking is that even with Bitcoin's rebound, PEPE has still dropped nearly 21% this month. This indicates a shift in market sentiment—from pure emotional speculation to selecting projects with real value. Those fundamentally mediocre Memecoins are being ruthlessly abandoned by institutional investors.

If you are still waiting for PEPE to catch up, you may have already stepped into the liquidity trap set by the main force. The current three key resistance levels (0.0000420, 0.0000452, 0.0000476) if they cannot be broken, or if they are broken but without accompanying volume, then each rebound could be the last escape opportunity.