📍The market is using leverage to scoop up small-cap coins: Altseason or a bull trap? 📌 The chart below shows the correlation between market cap rank and the OI/Market Cap ratio (leverage being used compared to actual market cap). A high ratio means that derivative money is dominating the price (which also means a very high risk of being squeezed). 📌 Look at the tokens at the far end of the chart (representing the top 500+ by market cap) including: AGT, EPT, BDXN, KOM, FHE, GRCK... with OI/Market Cap nearly touching or exceeding 1.0 -> The volume of derivative orders/Contracts is equal to or greater than the market cap. 📌 Coins "this season" like PUMP, FARTCOIN, MOODENG, SPK, although small cap (rank <300), still have a high OI ratio from 0.6–0.8 -> MM teams are using leverage to push prices with optimized costs. 📌 The mid-cap group (~rank 100–300) like AI16Z, TRB, ORDI, GOAT, POPCAT... maintains an OI/Market Cap level of ~0.3–0.4 - indicating that MM has not yet poured money into pushing up/there's no retail FOMO yet. -> As long as the entire market pushes above 0.5, it might be the time for crash risk. Currently, it is still early.