We're right back at those same levels from last week. Price has bounced to range highs, and open interest has climbed alongside it. The market looked genuinely promising earlier today—sentiment was shifting. Then the usual pattern: shorts pile on at the worst possible moment and slam everything down. Here's what caught my eye though: if that Coinbase premium spike is really driven by institutional accumulation, it tells a different story. The danger isn't the rally itself—it's that long positions might be more exposed than they seem. When premiums get stretched like this, it signals vulnerability in the longs. Worth watching carefully.