Just replaced the top spot, 30 minutes ago $NIL was still charging at the front, now the market focus has shifted to $BLESS, the sentiment has changed.

$BLESS currently has a 24-hour increase of 47.53%, with a price of 0.007393, not far from the 24-hour high of 0.007751.
This is not a comfortable position just starting at a low level, but the second half of the market after reaching a high zone.
The most solid data is open interest (OI).
$BLESS 's 24-hour OI increased by 79.5%, with contract holdings reaching about $6 million, indicating this round of rise is not just a simple spot rally, but a significant influx of leveraged positions.
But the 1-hour OI is actually down by 1.5%, suggesting short-term chasing of the high hasn't continued to accelerate, and the market has shifted from “accumulating positions to push prices up” to “high-level turnover.”
More importantly, the funding rate.
The rate is now 0.0332%, and the long positions have been paying for 8 consecutive periods, indicating longs are continuously paying costs to hold their positions.
This structure does not mean an immediate end, but it suggests that each subsequent surge depends on whether new buy orders can absorb it, because once crowded longs loosen, the pullback will be sharper than a normal rally.
The long-short structure is also quite crowded.
The account long-short ratio is 1.95, with retail longs accounting for 66%, and the top account long-short ratio is 1.58, indicating that it’s not just retail traders leaning long, but large accounts are also not clearly opposing the trend.
But the Taker is only 0.94, meaning active buy orders are not as strong as the price increase, which is the most glaring contrast in the second half.
The price is still near the top, sentiment remains hot, but active trading volume isn’t continuing to pressure the shorts, and this kind of market most fears a shift from “everyone chasing the rally” to “everyone waiting for others to chase.”
Compared to the top 30 minutes ago, $NIL, $NIL 's OI surged by 502% in 24 hours, resembling an extreme position anomaly.
Now, $BLESS 's OI growth isn’t as exaggerated, but crowded longs and continuous funding payments are more obvious, shifting the risk from “short squeeze explosion” to “high-level long cost accumulation.”
Therefore, the core observation point for $BLESS is not the top of the gain list, but whether these three data points can synchronize and recover.
If OI reverts to a significant increase over 1 hour, Taker returns above 1, and the funding rate stops rising, the bullish continuation logic can still be maintained.
If the price stays near the high but Taker remains below 1, OI continues to decline, and retail longs stay around 66%, then this logic needs to be reconsidered.
$BLESS $NIL # Contract anomalies
Generated with Claude Opus 4.8. AI may be incorrect; information is for reference only.