I believe it was both. Since Kakine confirmed that they never went all the way while he hypnotized him, my understanding is that he mixed what happened in the hypnosis with his own fantasies.
i think kakine did alot of those stuffs to keidai since he says 'his body was tarined' while they do it plus keidai also asked him why he never put it in before so im pretty sure keidai just thought those were dreams where it was in fact reality. kakine probably started asking him what he liked and when keidai answered probably started doing those to him. like keidai said he liked his nipples being played, so maybe kakine knew that from one of the 'sessions' and in the first chapter where kakine is licking and playing with his chest, which keidai thought of as a dream was something that actually happened. i think none of those were dreams. everything happened in hypnotizing sessions but kakine only put it in in the last chapter where keidai was completely conscious
Im confused?? Were all those lewd scenes in the beginning chapters him dreaming or the seme hypnotizing him after doing it??