Funds did not continue to pile up along the previous wave $LAB , but instead replaced the top of the gainers list with $US.

Common views often interpret the 45.93% increase as purely chasing the rally, but the evidence suggests a surge of new positions flooding in, with $US 's 24-hour open interest (OI) shifting from +4.4% in the previous top position to +92.3%, while 1-hour OI remains at +10.7%, indicating that it’s not just the price moving.
The capital structure is not completely out of control; Taker fees decreased from 1.21 to 1.02, reducing the buying advantage, and the number of bullish traders increased from 36% to 48%, with retail crowding rising but not reaching an extreme.
The boundary of contradiction is near the 0.012 high point; if the premium drops back to 0.2727%, OI stops increasing, but the price cannot hold the high level, this “second half” will shift from a short squeeze narrative to a rotation and depletion phase. $US $LAB # Contract anomalies
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