TIA, the token of data-availability blockchain network Celestia, posted its best monthly gain this year, outperforming the broader market by a significant margin and confounding traders who'd positioned for a drop in the price as the result of a $1.13 billion token unlock due next month.
There has been an uptick in TIA hedging demand ahead of the Oct. 31 unlock - both via exchange-traded perpetuals, alongside OTC forward agreements with market makers/trading desks,
The bias for shorts, likely stemming from the hedging activity, might have led to a 'short squeeze,' contributing to the TIA rally.
Traders tried to sell ahead of the [unlock] event from Julyish. I'd argue the squeeze has already happened.
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