Watching the price approach 6M, this rally feels a bit strange. Normally, the Alpha release should have been mostly digested by now, but there are still funds continuously adding positions. Where does this mysterious buying power come from?

What’s even more troubling is that this persistent upward momentum always seems to hide contract risks behind it. While retail investors are frantically taking positions, what are the big funds really planning? Many people have already started to heavily leverage on contracts, and once a correction begins, it could get interesting.

Instead of speculating, it’s better to observe the subsequent trading volume and capital flow performance.