$HYPE is unbelievable—this batch of chips is something big players really dare to press: 63% of the positions are accumulated, all unanimously betting long. Seven hours in, they kept adding weights on the long side. In the spot order book, the buy orders are so thick they literally press the sell orders into the ground and rub them. As the cash–futures basis keeps widening further and further, even trades driven by counterparties all day long have been net funneling into the buyers. This clearly is one and the same pool of funds staging a coordinated arrangement, not some random retail chatter. I think the longer they wear this market down, the more it looks like compressing a spring—no matter how hard the shorts talk now, when the spring finally springs open, one by one they’ll be lining up to pay respects to the longs.