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The project team just announced new regulations and then changed their minds. The tokens originally scheduled for release in January were forcibly postponed to February, and then the price was skyrocketing. This move directly trapped traders with hedge positions.
The funding rate in the contract market has skyrocketed, now reaching -1.1% per hour. Calculating this, I have to pay over 1100 US dollars every hour for my position. If this continues, the principal will eventually become worthless.
This is a typical case of project teams manipulating their own trading—controlling the price movements to harvest liquidity from the derivatives market. The retail traders' hedging needs have instead become prey.