Today, the small signals in the contract market are not about who is rising the most, but about who suddenly inserts massive positions when prices are going up.

$OPN +103.9% is the one most resembling a footprint left by funds.
Trading volume reached $780 million, and the increase is not just a pulse without volume.
More importantly, open interest (OI) surged by 360%, which is less like a slow probe and more like a wave of positions rushing into the order book.
The long-short ratio on the account side is still leaning bearish, yet the price has already doubled, and this contrast is most likely to push out passive short covering.
$SKYAI +19.6% pace looks more like turnover pushing the price up.
The increase isn’t the most exaggerated, but the long-short ratio stands at 1.22, indicating that the chasing funds haven't fully escaped.
Taker orders are slightly skewed to the sell side, but the price can still hold, with absorption in the order book taking in selling pressure.
$EPIC +19.3% is also worth highlighting separately.
Trading volume hit $101 million, and OI increased by 31.7%, indicating this isn’t purely emotional pump.
On the account side, the bias remains bearish, but Taker orders are slightly more active in buying, suggesting someone is pushing upward while the other side is still resisting.
The heat in the later stages is also spreading, but with clear layering in strength.
SIREN +17.5%, BEAT +17.3%, MEME +15.2%, ZBT +12.4%, BAS +10.9%, VELVET +9.8%, STO +8.4%.
These names have gains, but currently lack the evidence of simultaneous alignment in volume, positions, and order book direction like the Top 3.
The main candidates for short squeeze are $OPN and $EPIC.
The new OI in OPN is too extreme, and the position growth rate in EPIC is also significantly higher than a normal rebound.
On the other hand, PORTAL, AIA, and SLX have all fallen over 25% with declining OI, indicating that the downward movement is more like positions being cleared rather than a new round of active attack.
Overall, the atmosphere is that funds are concentrating their attack on a few names with volume, and the real thing to watch is whether the positions can be maintained.
Will the sudden surge in OI in OPN continue to stay on the order book, or will it be quickly dispersed by a counter trade?

This content was generated with the assistance of Claude Opus 4.8, for informational purposes only. Please verify independently.