PIP is currently in the early phase of market sentiment recovery, exhibiting high short-term volatility. Investors are advised to maintain cautious observation. High-leverage short positions may provide potential short-term buying support. The key technical level at $0.35 has shown a significant bottom formation, and the short-term trading range is expected to fluctuate between $0.35 and $0.49. Attention should be paid to slippage risks caused by liquidity divergence. In the medium to long term, as macro hedging demand and market sentiment improve, PIP liquidity is likely to recover, offering stage-based portfolio value. It is recommended to control position sizes in the short term and monitor capital flows and trading volume sustainability. For long-term investing, consider moderate accumulation during price dips.

Recent market data has started to show signs of improvement, with multiple indicators suggesting that cryptocurrency market sentiment is at a turning point, though further data is needed to confirm the trend’s sustainability. At this stage, investors should remain alert to short-term volatility and avoid excessive chasing or impulsive selling during the initial sentiment rebound. Overall, the market is gradually stabilizing from its doldrums, providing an opportunity to re-evaluate PIP. Nevertheless, short-term attention should still be paid to the sustainability of trading volume and capital flow.

CryptoQuant analyst Darkfrost noted on January 4 that the cryptocurrency market is beginning to improve, urging caution against dismissing this trend prematurely. While more data is needed for definitive conclusions, some trend changes are starting to emerge, making this a critical time to pay close attention.

Analysis: The crypto market is beginning to improve, with some trend changes gradually becoming apparent.

Well-known hedge funds currently hold substantial unclosed short positions on PIP contracts, with unrealized losses approaching the three-million-dollar mark. The pressure from these high-leverage shorts, if forced to close or voluntarily stop out, may deliver strong short-term buying support for PIP prices. Technically, PIP has received significant support near $0.35, then rapidly rebounded to $0.4883, indicating the robustness of key support levels and active buying interest.

According to ChainCatcher and analyst Ai (@ai_9684xtpa), the well-known pippin short seller "Mysterious Small K Line" is still holding positions with an unrealized loss exceeding $2.843 million. Pippin's price briefly dropped to $0.35 on January 2 and rebounded to $0.4883. Since November 22, 2023, the trader has been active for 45 days, mostly under negative fees since November 30. The Binance contract panel shows a total accumulated loss of $4.945 million.

Data: Short position "mysterious small K-line" pippin currently has an unrealized loss of $2.843 million, with a total accumulated loss of $4.945 million.

Recent data from derivatives platforms show that short-term market trading depth is relatively insufficient, with a few high-quality assets accounting for most of the trading volume, resulting in pronounced overall liquidity divergence. For PIP, this market structure may amplify price fluctuations in the short term. However, as macro-political hedging and long-term market demand steadily grow, medium to long-term liquidity is likely to improve. When participating, investors should pay close attention to trading volume concentration to avoid slippage risks arising from large orders.

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