$PUMP spot order book bid-ask spread is 3.58 bp. It doesn’t look very wide, but the order book volume is actually fairly average—there isn’t much difference between the buy side at 87.4K and the sell side at 81.3K. The trading value over the last 15 minutes, however, is amplified a lot: the contract is about 2.88 times the previous period, and the spot is also nearly doubling. But how much of that trading value reflects genuine intent is something I can’t really tell. After all, orders can be canceled, and trading value doesn’t equal net inflow. I just feel something’s not quite right—let’s observe for a bit first.