wlfi is targeting big players doing hedging. In just over a week, it has attracted nearly $700 million in open interest. When it was at 0.2, there was already $400 million in open interest. Chasing the unrealized gains from multi-year unlocks, getting talked into hedging at the bottom, might end up losing several times over. Eventually, the hedging positions get liquidated, and by the time a large amount of spot unlocks, it’s worthless. There are definitely plenty of people like this.