$PIPPIN Haven't checked Pippin in a while. After hitting a historical high, it has been consolidating for days. Now at relatively low levels, contracts are being dumped, the basis spread has widened, and the funding rate interval has changed to 1h. Pricing power is in the hands of the whales. What about spot holdings? Unclear, but it's certain that someone took the high positions and hasn't cleared them yet. What about contract positions? Unclear, but it's certain that many short positions were opened during the dump. Buy low and sell high, cut losses in time or hold longer than the main players. Another possibility is that the whale is abandoning the position. Since they're going to collect funding fees, let's see if the funding rate turns positive or negative in the follow-up, whether spot gets dumped or contract shorts get closed.