I operated BOND yesterday

Let me explain my logic of going long on BOND. In fact, this operation is similar to the previous TRB. BOND's position yesterday exceeded its FDV (fully diluted market value), that is, BOND's market value. Once the main funds enter the market to pull the market, the spot market can easily squeeze out the shorts. Some delisted currencies have also experienced this kind of short squeeze before, usually with a burst of dozens of points.

BOND's market value is $11.62 million, and the contract position is $23.89 million, plus the negative rate, which is very similar to the situation of TRB at the beginning. The main force continues to buy spot through the income of the funding rate. With such a low market value, it is easy to trigger the shorts. The reason for closing the long position last night was the decline in the negative rate.

Next, we need to observe more to see if there is a continuous entry of shorts. If the short fuel is sufficient and the negative rate remains high, then once the price breaks through 1.8, the shorts may be completely buried.