ZKJ's contract holdings crashed 85%, from $200M to $20M.  
Spot trading barely hits $3M, too small to move the market.  
No evidence of external funds—$100M holdings since Jan '25.  
For market makers, contract profits beat spot sales.  
20% of $200M OI change means $40M gains.  
KOGE admits weak contract analysis—no contracts listed.  
Read more in the KOGE-ZKJ wrap-up article.

Wow, that's quite a decline! 
It's amazing how much profit they still found in the contracts, though! 
Definitely check out the full article for all the details.