As a Crypto Assets trader, reviewing and analyzing the trading process is crucial. However, many people's reviews often lack substantive meaning, merely serving to validate their own judgments. A truly valuable review should focus on the verification and adjustment of trading expectations and basis, rather than simply explaining why their judgments are correct.

In the trading of the $PUMP project, we can observe some interesting market phenomena. Before the opening, the contract positions had already reached 50% of the market value, which is extremely rare for tokens that have not yet undergone TGE. Such a large-scale capital operation is likely a significant player establishing positions. In this case, the average cost of the significant player's positions can serve as a reference point for expectations.

After the market opened, there were some unexpected changes. Although the price reached 0.0068, it did not continue to rise as anticipated. At this time, a large number of short positions accumulated in the order book, possibly due to some cautious investors hedging after confirming a certain profit. This phenomenon formed a short-term "short-selling lifeline," becoming an important basis for trading decisions.

Subsequently, the project party announced that they would use the transaction fees for buybacks. This move triggered a new round of reflection in the market. If the previous large transactions were conducted by the project party themselves, then the buyback might just be a form of hand-to-hand trading and would not truly affect the market. In this case, the project party might stabilize the price and slowly release their coins.

Throughout the trading process, we can observe the complex game between market participants. Major players, retail investors, and project teams each have different strategies and goals. Successful traders need to continuously analyze market changes and dynamically adjust their judgments and strategies.

This case tells us that the Crypto Assets market is a highly uncertain environment. Simply following a certain opinion or sticking to a specific strategy is not enough. The real trading skill lies in the ability to react and adjust quickly based on real-time changes in the market. At the same time, we must also be wary of overinterpreting market information and maintain a rational and cautious attitude.

Overall, the trading process of the $PUMP project provides us with a window to gain an in-depth understanding of how the Crypto Assets market operates. It demonstrates how market participants make decisions and strategize in an environment characterized by information asymmetry and high volatility. For Crypto Assets investors, this retrospective analysis is undoubtedly a valuable resource for enhancing trading skills.