Mr. Ember's data matches what I have here. The whale has already cashed out $137M across 4 rounds (of course, it's not actually that much since they still need to wait for the dip to buy back the chips). Currently, the whale's control over the chips has dropped to less than 50%. This once again highlights the demand for contracts. The volatility created by whales in contracts is still one of the most popular trading types: lots of tactics, big information gaps, and a solid user base. The final stage of manipulation is distributing the spot chips, then buying them back when no one cares anymore—this happens about once a month. So, the idea of retail buying to zero Alpha actually makes sense. It's like constantly testing the bottom; even if you lose, it’s not too much to feel bad about. When it comes to altcoin contracts, don’t think about it using traditional financial trading logic. Instead, think of it like playing cards or Texas Hold'em—find your edge in a situation with incomplete information.