$BEAT This rebound is a valuation-baseline’s truth-revealer—one bullish long candle can’t fool anyone. With total market cap nearing one billion and its ranking pushing into the front ranks, the freely tradable float is only 30%—the other 70% is locked up waiting to be unlocked. The resulting dilution “gate” is like a de-dilution guillotine hanging over your head: the current price is still below even a sliver of the historical high, and the valuation cycle is clearly still in its downward phase. On the contract side, things don’t get any better: the sell orders on the order book overwhelm the longs, the funding rate turns negative, and the basis trades at a discount (backwardation). The main players are quietly distributing shares on the rebound. Once the gate opens, this empty market-cap structure of one billion is the biggest scam.