Contract matches the RHJ registry. Economic exposure only — not shareholder rights. AP-only primary (BBVI at issuance).
Effective circulating (raw × uiMultiplier) did not increase. Token-rich prints can still be secondary-market only.
No prior open-interest snapshot for this window (baseline warming), so an OI add cannot be confirmed or ruled out. Unmeasured is not churn.
Venue funding is not extreme or persistently one-sided on this window.
Overnight/weekend: 24/7 perps and tokens keep trading while cash is closed. Inventory can gap into Monday.
The monitor does not yet track listed prints after an on-chain event. Do not read the last cash print as confirmation of hedge flow; session state is step 5.
Δ perp OI × direction × assumed cash-hedge fraction. Never a single pretended conversion. Long+short still nets to zero contract supply.
| Up / Up | new long risk |
| Up / Down | short covering |
| Down / Up | new short risk |
| Down / Down | long liq / de-risk |