The liquidity status of NIGHT tokens has recently attracted a lot of attention. Currently, the total pool size is approximately $12.281 million, and market participants generally believe there is significant hedging pressure. It is reported that the rewards at 6 o'clock on the 22nd are expected to exceed 200 million, which will cause a considerable impact on the fund reserves.

From a technical perspective, the short-selling side is also substantial. Even if a rally is triggered, it will be difficult to break through a 1 to 2 times increase in the short term, and profit-taking by the short-sellers will create some resistance. However, the market still has expectations for the subsequent trend—if it can stabilize above $1, the value of the rewards can double, significantly boosting incentives for token holders. Overall, this is a typical supply and demand balance challenge faced by low-liquidity tokens.