I checked the MMT price at midnight, and I know this all too well—I just lost money. The contract price is pulling up while the spot price isn't; it must be a series of liquidations causing a short squeeze.
At this point, I started hedging with 5000 contracts at a time from 7U, slowly picking up the losses, opening up to 10U, a total of 35,000 contracts. Luckily, the price dropped a minute later, and I figured I'd already made a profit, so I placed a stop-loss order at 4.5.
Before I could sell the spot, the contract price suddenly went up again. I thought the liquidation from the previous drop was almost complete, so I opened another contract at 6U, and liquidated it when it dropped to 3U.
😭 All lessons learned from losses!
