Arbitrum's positioning is worth a second look:

Open interest surged 22.4 percent over the last 24 hours, by far the biggest build in the cohort, alongside a +14.19 percent price jump. Funding's slightly negative at -0.14 percent annualized, so longs aren't paying up, and the positioning doesn't look overly crowded just yet. That said, big OI jumps after a run like this often mean you're near the part where moves get more erratic.