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tst can be shorted now, for reference only
1. Trigger: Hyperliquid delisted the $TST contract, triggering the forced settlement rule.
2. Main driver: The whales built a large long position in advance, using the rules to manipulate the market for arbitrage.
3. Market conditions: The market is crowded with longs, with extremely many open profits; selling pressure is massive.
4. Consequences: The delisting leads to liquidity drying up, and the whales must dump the market and make a run.
5. Conclusion: The rally is a harvesting scheme; the risk at the top is extremely high—short decisively.