And $SHELL was still up nearly 80% on #coinglass ’s 24-hour snapshot, even after slipping from its $0.05057 high to around $0.035. The part I’d watch: futures traded 7.5 times as much as spot, and dollar open interest grew much faster than price.
That doesn’t tell you which side is crowded. It does tell you there’s more at stake in the futures market than there was before the spike.
Watch spot on the next bounce. If buyers lift offers while open interest cools, the bounce is less dependent on leverage.
If open interest climbs again and spot buying goes quiet, the bounce has less behind it.
That doesn’t tell you which side is crowded. It does tell you there’s more at stake in the futures market than there was before the spike.
Watch spot on the next bounce. If buyers lift offers while open interest cools, the bounce is less dependent on leverage.
If open interest climbs again and spot buying goes quiet, the bounce has less behind it.
