Looking at the recent performance of $NIGHT(NIGHTUSDT), to be honest, it's a bit surprising. Since December, airdrops have been flooding the market, and logically, the price should have been under pressure, but instead, it has risen quite a bit. Who is actually taking the other side of the trade?

After the market baptism in the second half of the year, many retail investors have formed an inertia—opening short positions at the open. Looking at the historical K-line, the maximum increase is only about 2 times, which is not enough to create a decent bear market, nor can it hurt those retail investors who are farming airdrops. On the contrary, those participating in the airdrops are earning more and more. Could they really rely on trading scissors to clip spot positions? There's no such easy way to clip.

More importantly, the apparent value of the airdrops has already exceeded $30 million, but the market hasn't seen overwhelming news bombardment. Under these circumstances, I really don't dare to open a short. Instead, I added a long position, waiting to see how high this round can go. Looking at the fundamentals, this project is well-funded, well-connected, and backed by strong support. Among this year's altcoins, it is indeed quite solid. ZEC rallied yesterday, and this time NIGHT is launched to compete with it; the gap shouldn't be too big.

Yesterday, I opened a long position at 0.086, and during the pullback, I added a large position. Now, I'm just waiting to see what the true pattern of the market maker is in this round.