2025-12-11 04:26:26

The data from late night on December 10th is a bit bizarre.

LUNA series contracts (including LUNA and LUNA2) 24-hour trading volume skyrocketed to $1.8 billion — with no technical updates, no ecosystem news, and not even a decent hype reason.

Even more surreal is that LUNA has surged 150% in the past week.

What does this trading volume mean? It ranks among the top ten in overall market contract trading volumes, second only to HYPE's $1.88 billion. And what about its fundamentals? They’ve long been worthless.

The truly crazy part is the funding rates: LUNA -0.0595%, LUNA2 -0.0789%. Extreme negative funding rates reveal a market in rupture — on one side, massive short bets on a crash; on the other, more aggressive capital forcing a short squeeze.

This $1.8 billion gamble is actually betting on one thing:

On the night of December 11th at midnight, at Courtroom 1305 in the Southern District of New York, Kwon Do's final sentencing hearing will take place. Will the once “stablecoin godfather” be sentenced to a few years? The market is betting real money on the answer.

No one cares about LUNA’s future; everyone is betting on which number the judge’s gavel will fall on.

LUNA-5,44%

HYPE-4,38%

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digital_archaeologist

· 2025-12-14 04:26

Huh? 1.8 billion dollars just to bet on how many years the judge will sentence? This market is really fucking crazy.

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DYORMaster

· 2025-12-14 02:25

Hey, this move is really incredible. They poured $1.8 billion into a court ruling, even though the fundamentals are already dead. Only a "star" like Kwon could create such a surreal scene.

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LiquidationWatcher

· 2025-12-11 04:56

Wait, 1.8 billion in trading volume just to bet on Do Kwon for a few years? Is this market crazy or am I crazy? Have they really turned exchanges into casinos?

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MeltdownSurvivalist

· 2025-12-11 04:56

Wow, is this a gamble on how many years Do Kwon will be sentenced? An 1.8 billion dollar bet for this.

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DAOplomacy

· 2025-12-11 04:56

ngl the whole thing reads like governance theater masquerading as price discovery... negative funding rates that extreme arguably signal sub-optimal incentive structures where the real bet isn't actually the token but rather, well, sentencing outcomes functioning as de facto price oracles. non-trivial externalities when your entire liquidity pool becomes a litigation hedge fund tbh

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MetaverseHobo

· 2025-12-11 04:49

1.8 billion dollars just to bet on how many years Do Kwon will be sentenced? This market is truly crazy, the fundamentals are already dead but people are still trading.

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