PIPPIN's price action exposed some deeper market logic. Looking at Velo's data, you can sense that wave of direct selling was actually intentional—specifically hunting down long traders around $0.52.

What's even more interesting is the recovery of the $0.287 support level, with spot institutions as the hidden driver, building positions on both sides simultaneously. They crush short positions on one side while accumulating at the bottom, a playbook that's already become standard market procedure.

This kind of two-sided arbitrage behavior between counterparties is almost the most frustrating aspect of the crypto market—retail traders always get squeezed from both ends.