$MUBARAK
Is this interest considered high? Right now, I guess it is. The main force is borrowing to sell off, making profits by shorting the contracts.
I see that the contract open interest and price are basically falling together. On one side, selling off and on the other side, taking profits, right? The dog fund can make a profit from the sell-off, and the contracts can make a profit too.
The risk is that other dog funds enter the market, causing a short squeeze and bursting the borrowed funds.
It looks like the contract open interest and market value are very close.