W up 28.8% in 1h, breaking the 7d high at 0.02337 — overheated, don't chase

11× normal volatility; 1h volume $11.93M, 354× the prior 24h average; open-interest change over the same window +82.8%. Mainnet 60-day backtest: similar surges underperformed the market by 0.9% on average over 24h and did so 63% of the time; however, prices still rose over 10% in about 30% of cases. This is not a reason to short directly. Longs are still paying high funding (annualized +401.2%), adding to the crowding.