LUNA and LUNA2's contract trading volume surged to nearly $2 billion in the past 24 hours, with negative funding rates hitting the maximum, shorts flooding the market, but the main forces are pushing for a short squeeze. The reason is simple—Do Kwon's sentencing tomorrow. The prosecution seeks 12 years; the defense requests 5 years; a 7-year gap, which the market sees as a "volatility lottery." It’s already a consensus that LUNA has no fundamentals; this rally isn't faith-based, but a pure gamble. The market has already changed: the original victims have left, and now the players on the table are high-frequency traders, event funds, and asset hunters. For them, LUNA isn't a project, but an event derivative around the sentencing. Once the verdict is out, the market will likely react the same way: heavy sentencing → fundamentals go to zero; light sentencing → sell the news. Do Kwon’s future valuation is predetermined, and the market has no sorrow—only a machine to profit from volatility. #加密市场反弹 #美联储FOMC会议 #美SEC推动加密创新监管 #加密市场观察 # Federal Reserve restarts rate cut steps