The Metaverse sector continues to rotate—ENJ is currently the cleanest structure!
SAND spot gains are #1, up 75%. For the futures, OI has risen from $23.5 million to $31.1 million + 32%, but the large trader long/short ratio has slid steadily from 1.24 down to 1.07; longs are slowing down and withdrawing positions. Volume is 5.77 times—clear signs that retail is stepping in.
GALA: large traders with about 70% of the long positions, at 2.60, are holding firm. OI keeps climbing to $8.45 million. The structure is still okay, but the long/short ratio has been gradually narrowing since 2.88—no longer as “hard” as before.
ENJ: up 18% on a 5x surge in volume. OI moves from $6.14 million steadily up to $7.45 million + 21%. The large trader long/short ratio stays at 2.12 throughout—no withdrawals. The 60% portion of long positions shows zero reduction. It’s the only one in the sector that isn’t “pumping while withdrawing.” MANA/AXS are also simultaneously seeing volume expansion as catch-up gains.
The rotation logic is very clear: after SAND’s main rally finishes, distribution happens and capital shifts toward the lagging ENJ; GALA stays in the middle, holding the line. Right now, ENJ has the cleanest structure, but when SAND is near the highs, position sizing needs to be controlled.
#元宇宙 #GameFi
$SAND $ENJ $GALA