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Short sellers are being squeezed by spot prices, futures haven't really kicked in yet, the real show will be when OI and Delta resonate.
Currently, the rise is not due to buying long positions, but rather the liquidation and closing of short positions caused by the rise.
The current rally is driven by upward pressure in the spot market, not the futures market.
An explosive rally will begin when both the OI and Net Position Delta in the futures market increase simultaneously.