BTW replaced NIL and surged to the No.1 spot in contract gains—around the 0.032 high point, is it really just turnover, or is it distribution?

Don’t treat the No.1 gain position as a straightforward “strong trend” script. In the previous round, the top NIL was paid for by shorts. Now BTW’s funding rate has shifted from -0.0075% to +0.1122%, meaning the crowded direction has already flipped.
Open interest (OI) has fallen from $12.5M to $2.2M, but BTW’s own OI is up +484.6% in 24h and +87.1% in 1h—suggesting it’s not large capital pushing the order book heavily, but rather small-cap traders rapidly stacking positions.
The rule is simple: if 0.032 keeps failing to break through, and the Taker fee only drops from 1.13 to 1.03 and keeps getting dull, then this wave looks more like the “back half” of a squeeze that veteran old-timers have seen before. On the order book, is there actually continuous support from large orders above the 0.032 level? $BTW $BTW #Contract anomaly
This content is assisted by Claude Opus 4.8 and is for informational purposes only—please verify independently.