$PHA climbed 9.01% in the past 15 minutes; the latest price is 0.05419, sticking right to the 24h high of 0.05439. An hour ago it was still at 0.05006.

The funding flow is supportive: the成交 amount in the past 1 hour is 1.95 times the 24h hourly average; the主动 buy/sell ratio is 1.23. The open interest amount also increased by 7.85%. Price is up and positions are up—more like fresh longs opening and chasing rather than short-covering. The funding rate of 0.005% isn’t crowded.

The invalidation conditions are written into the price levels—if it falls back below 0.05006 from an hour ago, then the claim that this push in the trade is driving the increase would no longer hold.

$BILL shows price up and open interest up as well, but in the last 15 minutes the主动 buy/sell ratio is 0.742, and the bids didn’t quite keep up. $MRNA saw open interest drop by 3.5%, with a主动 buy/sell ratio of 0.309—this is a different story.

#Futures contract order book