$TRUMP is up 3.29% over 15m on 4x volume, but OI dropped 5.29% over 15m, and the 1h notional change also shrank by 1.25M. Volume and price are up while positions are being reduced—a typical short squeeze, not new longs entering. The anomaly percentile is already at 94.6%, ranking 8th across the entire pool, and the funding rate is also in a recent high percentile, so chasing longs doesn’t look very attractive. The taker buy/sell ratio of 1.22 suggests buying pressure is decent, but this structure looks more like shorts closing and pushing the price up than sustained incremental demand. 24h trading volume of 137M is not small, but given that open interest is falling, I’m inclined to see this as a position-covering rally. Whether it can continue depends on whether OI starts building back up.