$BEAT This wave is not just a simple price rally; it's the new positions and fee rates pushing the market tighter together.

In 24 hours, it increased by 72.54%, with the price rising from 2.4503 to a high of 4.56, and the trading volume reaching 598.5 million USD.
More importantly, open interest (OI) increased by 65.3%, now with a position of 65.1 million USD on the exchange.
This indicates that it's not just old positions slowly realizing profits, but a large influx of new positions during the upward movement.
Funding rates have already reached +0.1253%, and long positions have been paying for 8 consecutive periods.
Longs pay the cost every 8 hours and are still willing to stay in the market, showing that the chasing funds haven't significantly withdrawn.
But this structure also makes longs increasingly dominant; once the price stalls, the fee costs will start to push back against them.
The retail long-short ratio is only 0.48, with retail longs accounting for 33%.
In other words, most retail traders are not on the long side.
Meanwhile, the big players' long-short ratio is 1.19, and the active buy-sell ratio is 1.12, making the market look more like it's supported by active buying and large positions at the top.
The current abnormal points are very clear.
The highest price increase, synchronized surge in OI, high-level longs paying fees, but retail traders are hesitant to chase.
Continuing this rally would mean a short squeeze persists; stopping would mean high-fee longs start to hit each other.
$BEAT
How many times have you seen this kind of structure end quietly?
This content was generated with the assistance of Claude Opus 4.8, for informational purposes only. Please verify independently.