Market Analysis - The original OI/MC data analysis suggested that if Open Interest (OI) exceeded Market Cap (MC), it indicated potential market manipulation, as even if all spot holders were arbitrageurs, some would still be naked short [1] - The initial data was flawed, as OI should be divided by 2, invalidating the OI/MC logic in most cases [1] Trading Strategy - Previously, with a 1000 market cap coin, holding 900 in spot and opening a 200 contract long position allowed for guaranteed profit through market manipulation [1] - This strategy worked because spot holders would sell regardless of the price increase, and short holders would incur greater losses, leading to liquidation profits [1] - Arbitrageurs holding both spot and short positions exist, making it difficult to determine if short positions are naked and whether they will surrender [1]

Market Observation - The industry has discovered that open interest (OI) is calculated bi-directionally [1] - Individual's position accounts for 10%-15% of the open interest (OI) in some contracts [1] - If OI is calculated bi-directionally, the individual's position would account for 20%-30% [1] - The industry's understanding of OI/MC data may be flawed due to the bi-directional calculation [1] Data Correction - Previously used OI/MC data may need to be divided by 2 to reflect the actual situation [1]