Damn, in the $HUMA th round, the current price spread blew up more than tenfold overnight. The contract long side is snatching up supplies—so much so that even spot orders can’t keep up. This isn’t a rebound; it’s the main force openly grabbing in the futures. Big spot orders are still running out—plainly, retail investors are cutting losses and delivering chips to the main force. I think the long/short positions on on-chain leveraged accounts are already absurd: people are going long even if they have to borrow money, and large players’ positions—about 90%—are holding long orders. All these signals point in the same direction. The shorts are still insisting on being tough. Wait until the basis climbs another notch—at the end of the day, it’s just a way to raise the long side’s sedan.