When I first looked at the contract rankings, what resembled a rerun of an old script wasn't a broad rally, but a few names absorbing all the liquidity in the market.

Side A is $ALLO +121.8%, with trading reaching $782 million, with both the increase in price and volume amplifying together, not a pulse driven by low volume.
More importantly, open interest (OI) surged by 197.1%, which doesn't look like gradual accumulation, but more like funds rushing in within an hour to grab positions.
The long-short ratio is only 0.56, indicating retail traders weren't comfortably chasing, and the order book actually feels more squeezed.
Side B is $HEI +76.1%, which looks more like a structure that seasoned traders would squint at.
Funding rate is at -1.334%, with bears still paying to hold their positions, and OI increased by 35.7%, creating a stark contrast that could easily turn the market into an emotional game.
Prices are rising, positions are increasing, and short costs are becoming heavier—what's truly interesting isn't the percentage gain itself, but how long shorts can hold on.
$VELVET +52.3% shouldn't be seen just as a rebound.
With $93 million in volume, it's not the biggest in the rankings, but OI exploded by 93.7%, indicating aggressive new positions entering.
The long-short ratio is 0.64, showing that the chasing of the rally hasn't fully spread, and the order book still shows a pattern of “prices rising but many people remain skeptical.”
Top 4-10 briefly: SKYAI +43.4%, BLUAI +37.6%, PORTAL +33.1%, BANK +31.4%, BEAT +27.7%, CLO +23.5%, AIO +22.5%.
On the decline side: WLD -22.7%, NXPC -19.6%, RIF -19.4%, all showing OI decreasing in tandem, leaning towards unwinding positions rather than just price retracement.
Today’s key focus is clear: ALLO is watching whether volume can continue to support high levels, HEI is monitoring if extreme negative funding rates will keep forcing shorts into a corner, and VELVET is observing whether new OI continues to flow in.
This round isn't about everyone having a share, but about funds clustering in a few order books—stronger ones become more glaring, weaker ones fade into obscurity.
$ALLO $HEI $VELVET # Short squeeze lurking
Assisted by Claude Opus 4.8 model; this is not investment advice, please make your own judgments.