The most valuable signal on this chart isn’t how much the price has risen, but that open interest is climbing alongside it as prices push higher. This isn’t a fake move driven by short covering—people are putting real money behind their bullish bets. While others are still wondering whether to chase the rally, large accounts are simultaneously increasing both their long-to-short ratio and their position share. Clearly, the same group is doubling down. Going short now is like walking the wrong way on an escalator going up. Don’t say you weren’t warned when you fall.