How many people have been holding their breath for years, staring at the shanzhai, thinking that once the selling pressure is past, it will be a bull market, but in the end, they never waited for the so-called shanzhai season!
Let me be clear, the shanzhai season that everyone was looking forward to was already crushed by hedge funds in the futures market in advance!
Take SOL for example, during the bankruptcy of FTX, a large amount of locked SOL was sold to funds at a 40% discount or even steeper. These funds then aggressively shorted in the futures market, hedging completely, and made a 70-80% profit!
After that, they used this method on all projects’ locked tokens, selling them to funds at an ultra-low price, and then crashing them down on us through futures.
So what you think is low-level bottom fishing is actually acting as a buyer for the funds' arbitrage! This is the truth behind the continuous crashing of shanzhai!
The only good news is that since the locked tokens were digested by the funds in advance, the real selling pressure of the next round of projects will be much smaller than expected!