Taking MYX and M as typical examples, recently, a lot of new coins that are only listed on Binance Futures but not on the spot market have been performing quite wildly. The main logic behind this is that since they’re not on the spot market, liquidity is very poor. With a highly controlled chip structure, it’s super easy to manipulate the price—pumping and dumping—while using futures to amplify the capital effect to cash out. If retail investors happen to stubbornly short en masse, the whales can profit in two ways: earning funding fees while liquidating the shorts and using retail investors’ money to pump their own bags. I took some time to compile a list of new coins that have only been listed on Binance Futures (but not on the spot market) over the past six months. After filtering out some with very high market caps, there are still 40 of them. So, not every coin with futures but no spot listing can perform like this. It also depends on factors like chip structure, the strength of the whales, market sentiment, and whether the sector (e.g., AI) happens to be trending and attracting attention, bringing in speculative capital. Whales aren’t stupid—they won’t throw in unlimited funds. They aim for a $1 investment to generate a $3 effect. Among the coins on the list, some have already completed a pump cycle, some are still lying flat without any movement, and others opened high only to dump all the way down, leaving nothing behind. You can check the K-line charts yourself to make a judgment.