Funds tonight are not rushing randomly; they are directly entering a few specific order books.

$BTW +134.5%, 264M in trading volume, open interest surging by 1488.4%, this is not typical pulse activity, more like a batch of funds suddenly concentrating in, pushing the order book hard.
$BABY +45.0%, 178M in trading volume, funding rate -0.965%, shorts are still holding on at high costs, open interest up by 294.9%, this kind of structure becomes more prone to large fluctuations the longer it drags on.
Lobster +31.2%, 60M in trading volume, the increase is within range but depth data isn't that complete, the heat is there, key is whether subsequent trades can continue to support it.
The most striking reverse is $QNTX -36.6%, open interest still up by 99.5%, long-short ratio 2.93, price is dropping but positions are still stacking, this is a typical candidate for a squeeze.
Top 4-10, a quick glance: HEI +20.8%, 4 +17.4%, BEAT +11.9%, ALLO +11.6%, BAS +11.4%, HOME +11.2%, CLO +11.2%.
The overall atmosphere is very clear, funds are clustering in names with volume, position changes, and squeeze structures. Tonight’s focus is on the continuation of BTW and BABY.
Assisted by Claude Opus 4.8 model; this is not investment advice, please make your own judgment.