$OP is up 45.8 percent over 30 days and 21.3 percent over the last week. The chain it secures grew its total value locked by 3.9 percent over those same 30 days, and lost 8.3 percent of it this week, from 484.4 million on 7 October to 444.2 million now.
That gap is the whole story today, and the derivatives side explains it.
Open interest went from 129.1 million to 164.0 million in 24 hours, so plus 27.0 percent in a single session. Spot volume ran at 26.2 million against a 9.4 million average over the last 30 days, 2.79x normal, across 227,904 trades. Funding sits at plus 0.0049 percent, so the longs are paying.
Now look at when those positions were opened. The 24 hour high was 0.1625 and the price is 0.1502, so the token has given back 7.6 percent from that high. The last twelve hourly closes read 0.1585, 0.1595, 0.1588, 0.1592, 0.1578, 0.1557, 0.1531, 0.1524, 0.1521, 0.1516, 0.1503, 0.1493. Open interest grew through that entire slide, so the leverage went on while the price was coming back down.
The account ratio moved the other way at the same time: 1.95, 2.10, 2.20, 1.89, 1.67, 1.57 over the last 24 hours. Fewer accounts long while total open interest climbs means the size is concentrating in fewer hands.
On-chain, for scale: 35.5 million traded across the chain's venues in 24 hours, 1.55 billion over 30 days, and 710.1 million of dollar stablecoins sit on it.
Today's 0.1625 is the highest the token has traded in 30 days, and it sits 65.8 percent above the 30 day low of 0.0906.
Follow me for daily positioning and on-chain breakdowns.
#optimism #layer2 #altcoin #defi #crypto
That gap is the whole story today, and the derivatives side explains it.
Open interest went from 129.1 million to 164.0 million in 24 hours, so plus 27.0 percent in a single session. Spot volume ran at 26.2 million against a 9.4 million average over the last 30 days, 2.79x normal, across 227,904 trades. Funding sits at plus 0.0049 percent, so the longs are paying.
Now look at when those positions were opened. The 24 hour high was 0.1625 and the price is 0.1502, so the token has given back 7.6 percent from that high. The last twelve hourly closes read 0.1585, 0.1595, 0.1588, 0.1592, 0.1578, 0.1557, 0.1531, 0.1524, 0.1521, 0.1516, 0.1503, 0.1493. Open interest grew through that entire slide, so the leverage went on while the price was coming back down.
The account ratio moved the other way at the same time: 1.95, 2.10, 2.20, 1.89, 1.67, 1.57 over the last 24 hours. Fewer accounts long while total open interest climbs means the size is concentrating in fewer hands.
On-chain, for scale: 35.5 million traded across the chain's venues in 24 hours, 1.55 billion over 30 days, and 710.1 million of dollar stablecoins sit on it.
Today's 0.1625 is the highest the token has traded in 30 days, and it sits 65.8 percent above the 30 day low of 0.0906.
Follow me for daily positioning and on-chain breakdowns.
#optimism #layer2 #altcoin #defi #crypto