#数字货币市场洞察 time has given us the answer—$BOB ’s short position has held strong.

A lot of people think I’m shorting with bias. The reality is the opposite. I spent time dissecting this project, and what I saw in the end was something cobbled together from speculative hype, chaotic operations, and a structure that could collapse at any moment.

On the surface, the $21 million financing and the star-studded team background did attract quite a few believers to pile in. But if you dig a little deeper, you’ll find that the core team’s previous project dropped over 90% from its peak in market cap and is now basically half-dead. Nearly $10 million in financing went down the drain, and the project has all but stalled. Same people, similar playbook—what makes this time different? Those institutions lost money in the last pit, and now they’re betting on this new project run by the same team—is it real conviction, or just a desperate gamble to recoup losses?

The early points system was even more outrageous. The rules changed on a whim, with zero consistency. More importantly, a large amount of points were allegedly split up in advance among “insiders,” so regular users never had a fair starting line. With moves like these, how clean can their hands really be?

There’s also a technical issue: because of airdrop expectations, a huge influx of retail traders piled into perpetual shorts to lock in profits, making the short side extremely crowded. This kind of distorted structure is basically handing the big players a knife—they can squeeze the shorts with a quick pump, liquidate retail positions, then dump the price and harvest again. Up or down, retail shorts get wiped out either way.

No matter how hot the Layer2 narrative is, it can’t save a bad project. Team scandals, shady allocations, and constant capital outflows—once the market takes a sober look at these problems, the pressure will all be reflected in the price.

To put it plainly: I’m betting that the project’s fundamental flaws will eventually crush the fake narrative, and the current distorted market structure will only speed up the process. This isn’t a denial of the Bitcoin Layer2 sector, it’s a risk judgment on $BOB specifically. That’s all.