FET went a bit wild this round.

On the 15-minute timeframe, it directly broke above the upper bound of the range formed by nearly 20 five-minute candles. When the closing price pushed up, the volume surged to 4 times the usual level—this isn’t the kind of fake breakout. Even more noteworthy is that OI is rising in tandem: the 15-minute contracts are up +0.87%, and the 1-hour timeframe is also up +1.2%. It’s sustained across multiple consecutive cycles, not just a one-candle spike.

What does this imply? New leveraged longs are entering the market—not a short squeeze or short covering that would suggest a false breakout.

Active trading volume is down 25.4%, the buy/sell ratio is 1.68, and the fund flow bias is very clear. On top of that, the OI abnormal percentile has reached 98.4%, ranking 4th in the whole pool. At this position, if volume continues to expand, the momentum could be stronger than many people expect.

Over the past 24 hours, the trading amount is 20.86M. It’s not a giant in the AI sector, but the order-book structure is unusually clean.