$CRCL still out on the sidelines watching the show—the countdown for short positions exiting has already begun. On the contract side, over the past seven hours, proactive trades have increased volume by more than double. Buying pressure accounts for 70%, with the long-to-short ratio at 2.5 times. Leverage is queuing to enter the market and snatch up shares—the acceleration has only just stepped on the gas. On the spot order book, buy orders are still thicker than sell orders; contract and spot are moving in the same direction—waiting to be ground through to the upside.