$QNT trades at 196.10 and is up 205.6 percent over thirty days. That number hides the other half of the story.
Almost all of it happened in one session. On 27 September the token opened at 151.60, printed 373.00 intraday and closed at 286.26 on 210.8 million of spot volume. The session before had traded 29.4 million. The session after traded 240.4 million.
Since that wick the price has given back 47.4 percent. The highest close of the twenty three sessions that followed is 287.15 on 30 September, the last seven completed sessions have all closed below 210, and the token has not traded above 217.73 since 13 October.
The part worth measuring is not the drawdown, it is the participation. Rolling volume over the last twenty four hours is 10.3 million against a thirty day average of 51.8 million, so a fifth of normal. The session of 17 October finished at 9.0 million, the thinnest completed day since 24 September, which is the day before the move started. Average daily range has fallen from 12.12 percent over the twelve sessions before last week to 9.98 percent over the last seven.
Positioning says the same thing. Open interest on the perpetual was 52,329 tokens on 21 September and reads 148,220 now, after topping out at 157,992 at 03:00 this morning. The long short account ratio has spent the last twelve hours between 0.9786 and 1.0153, which is parity. Nobody is leaning either way on a token that tripled in a month.
Spot sits 7.9 percent above the 181.74 low of 18 October and 9.9 percent below the 217.73 high of 14 October.
Follow for the data behind the move, not the headline.
#quant #altcoin #crypto #defi #bitcoin
Almost all of it happened in one session. On 27 September the token opened at 151.60, printed 373.00 intraday and closed at 286.26 on 210.8 million of spot volume. The session before had traded 29.4 million. The session after traded 240.4 million.
Since that wick the price has given back 47.4 percent. The highest close of the twenty three sessions that followed is 287.15 on 30 September, the last seven completed sessions have all closed below 210, and the token has not traded above 217.73 since 13 October.
The part worth measuring is not the drawdown, it is the participation. Rolling volume over the last twenty four hours is 10.3 million against a thirty day average of 51.8 million, so a fifth of normal. The session of 17 October finished at 9.0 million, the thinnest completed day since 24 September, which is the day before the move started. Average daily range has fallen from 12.12 percent over the twelve sessions before last week to 9.98 percent over the last seven.
Positioning says the same thing. Open interest on the perpetual was 52,329 tokens on 21 September and reads 148,220 now, after topping out at 157,992 at 03:00 this morning. The long short account ratio has spent the last twelve hours between 0.9786 and 1.0153, which is parity. Nobody is leaning either way on a token that tripled in a month.
Spot sits 7.9 percent above the 181.74 low of 18 October and 9.9 percent below the 217.73 high of 14 October.
Follow for the data behind the move, not the headline.
#quant #altcoin #crypto #defi #bitcoin