$ELSA has driven the funding rate up to +0.0725%, with a near-term percentile of 100%—“crowded” is written all over it. The price is up 4.12% over 15m, while OI has risen 4%+, putting its notional change near the top of the entire pool. This is a classic case of leveraged longs piling onto the same side. The order book confirms it too: volume at 1.55x, a buy/sell ratio of 1.15, and a 7% net taker flow—not just a fake-out. Its anomaly percentile is 98.2%, ranking #2 across the pool. At this point, it’s either a breakout gaining momentum or a squeeze waiting to happen. Before chasing longs, think about this: with funding already maxed out, who’s going to take your bags?