$OPN Increased by 58%, but the most unusual thing is that retail investors aren’t getting excited together.

The price climbed from 0.1801 to 0.3199; 24-hour trading volume reached $635 million, and the order book is hot like a pot just brought to a boil.
Meanwhile, contract open positions are only $32.4 million—yet 24-hour OI surged by 90%, and in the most recent 1 hour it continued rising by another 18.7%.
This isn’t a normal pump; new positions are still being added even in the second half.
What’s even more interesting is that the long-short account ratio is only 0.73, and only 42% of accounts are long.
That means many people look at the rise and don’t dare to chase, and some even flip and go short.
But the top accounts’ long-short ratio is 2.12, with large accounts and ordinary accounts on opposite sides.
Funding has been paying longs for 8 consecutive periods; the funding rate of 0.0134% isn’t outrageous, but the direction is very clear.
The longs keep paying costs to maintain their positions, while the shorts continue holding near the new highs.
The spot premium is only 0.0513%, suggesting this move is more like the futures side lighting the fuse first, not the spot market being pushed hard all the way.
This kind of structure is most afraid of not just the price rising a lot, but OI continuing to pile up, retail staying short, and the price still sticking to the highs without turning back.
Next, just watch one order-book detail: if around 0.3199 volume keeps increasing but OI no longer increases, is this turnover relay—or are the longs starting to withdraw?
$OPN # Contract anomaly
Written with the help of the Claude Opus 4.8 model; this does not constitute investment advice—please make your own judgment.