$VELVET Whale positioning:

• Longs: $23M

Avg Entry: $0.66

Unrealized Profit: +$15M

• Shorts: $9M

Avg Entry: $0.49

Unrealized PnL: -$7M

More than $15M in shorts have already been liquidated during this move.

Most of the rally is being fueled by short liquidations.

This is exactly why shorting strong momentum is dangerous.

Large sell walls are currently stacked up to the $3 area.

Until then, I see no reason to fight the trend.