The popular $FIL read is that a green day plus 2.21 long accounts per short means the squeeze still has fuel. The tell is the opposite: price already tagged $1.2100 and is back at $1.1286, while futures open interest only slipped from 55.90 million FIL at 05:00 UTC to 54.98 million now. Longs added into the spike and mostly stayed. A green candle with a 69% long skew is inventory, not confirmation. Rule: a 4h close above $1.1423 reopens the $1.2100 upside into the 00:00 UTC funding print; a loss of $1.1085 kills it.
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