Why is it that many tokens have low market cap and trading volume, but the long contract open interest is high, yet the whales still don’t pump the price, and the token price keeps dipping? It’s because when the trading volume is too small, the cost for the whales to shake out the market becomes lower, so there’s a capacity limit: if retail investors open too many long positions, the whales can completely avoid pumping the price. The whales have to tolerate the contract hitchhikers because the liquidity of their spot holdings is poor, but only if the cost of shaking out the hitchhikers is greater than the profit from pumping the price.