#加密生态动态追踪 LUNA and LUNA2's recent daily contract trading volume surged to nearly $2 billion, with negative funding rates pushed to the extreme, and short positions piled up high. But there's an interesting twist behind this—the main force is playing a reverse short squeeze.

Why? Because tomorrow there is a key event: Do Kwon's sentencing announcement. The prosecution demands 12 years, while the defense seeks 5 years. This 7-year gap has directly become a "volatility betting game" in the trading market.

LUNA has long lost its fundamentals; this is a market consensus. This wave of rally is not about faith; frankly, it's a gamble. The market has already shifted to a new group of participants: retail investors who were previously trapped and have mostly exited, and now high-frequency trading teams, event arbitrage funds, and players who make a living by sniping trash assets.

In their eyes, LUNA is not really a project, but an event derivative based on court rulings. Once the verdict is announced, the market is likely to end this way: if the sentence is heavy, the fundamentals essentially zero out; if it's light, it becomes a "sell the news" scenario.

Do Kwon's life is being priced tomorrow, but the market has no time for sorrow—it's just another machine working to make money through volatility.