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 a huge drop! 
It’s really exciting to see those contract profits though, even with the low spot trading.