The market has been quite interesting lately. As the trend weakens, some are starting to play with small-cap tokens again.

Looking closely at the data, it's quite intriguing. In the past 24 hours, three addresses deposited a total of 2.47 million USDC as margin into a major contract platform, and subsequently opened a combined long position of $1.69 million in TST. This amount is significant—it accounts for 42.3% of the platform's total TST holdings. Even more astonishing is that they hold the top three long positions in the market.

The most critical detail is revealed here. The operational logic of these three addresses is highly consistent; their fund flows, opening times, and position configurations all show a coordinated pattern. It's hard not to suspect that they are managed by the same person or team.

According to on-chain tracking, the source of funds for these addresses points to a major exchange. Such highly concentrated long positions can easily create a "leverage effect" in small-cap tokens—small amounts of capital can move the market, but it also makes it vulnerable to being pushed back and liquidated. When market sentiment is already fragile, such concentration of funds can easily trigger volatility.