$POWER ‌Being able to achieve nearly five small targets in profit on the books at this scale truly makes it a phenomenon-level trading case this year. But the more eye-catching the on-paper data, the more it exposes the awkward dilemma that the market makers are currently facing in terms of their options to advance or retreat.

First, looking at the on-chain aspect, a profit of over 100 million in spot trading is just the tip of the iceberg. The few wallet accounts you mentioned that haven't been exposed yet—those are the real hidden ticking time bombs. These chips were accumulated at extremely low costs, some even close to zero. For these "mouse wallets," whether it's 300% or 500% profit, it's just a number to them. Their only concern is—when can they cash out in USDT and exit? The market makers now maintaining the price are essentially providing continuous liquidity for these mouse wallets to unload.
Looking at the futures market, the 35 million long position is the market maker’s core holding and also their Achilles' heel. On the surface, earning nearly 10 million from funding fees feels great, but that money is actually skimmed from other long positions. Once the market maker starts to dump, that 35 million long position will instantly turn from a profit source into a black hole of losses. They’re not dumping now because of a grand strategy, but because they haven't yet found enough opposing orders to absorb that position.
The entire situation has now entered the "coward's game" in game theory. The market maker has a paper profit of 500 million, but most of it is just on paper; retail investors see three months of gains and think it can go higher; big players are openly shorting, watching to see when the market maker will realize profits. Whoever moves first loses. But how long can the market maker endure? When on-chain monitoring, contract holdings, and funding rate data all point to "ready to unload at any moment," maintaining the status quo becomes the biggest risk. After all, no matter how good the paper profits look, if they don’t cash out, it’s always someone else’s data.