The early warning of high-level distribution issued about 6 hours ago in the morning was that the chips were being distributed at the time.
Now, based on the public order book settlement: among the 3 coins, FIDA and ZAMA have realized the decline, and the direction has played out; ORCA did not fall and instead rose, it was a rebound, and it did not form a one-sided downtrend.
ORCA: rebound, the bearish signal from the morning did not materialize.
After the launch, the price instead rose 6.69%, moving in the opposite direction of the warning.
What is more notable is that open interest surged 79.83%, indicating funds were adding positions rather than exiting; the funding rate further turned negative to -0.2488%, with shorts paying to hold their positions, yet the price was still supported by buy orders. The distribution pressure has so far failed to crush the market structure.
FIDA: realized, the bearish direction of high-level distribution played out.
After the launch, the price continued to weaken by 8.28%, while open interest contracted by 19.87% at the same time, showing a characteristic of price falling with volume decreasing and funds withdrawing, rather than a simple shakeout.
Aggressive buying also retreated, and the support clearly thinned.
ZAMA: realized, also weakened in price, but at a slower pace.
After the launch, the price pulled back 3.64%, and open interest decreased slightly by 5.21%, indicating chips were being slowly withdrawn; the aggressive buying ratio fell from 1.12 to 0.97, with buying and selling forces moving toward balance. The weakness is still continuing, but it has not accelerated.
Next, the focus is whether ORCA can hold the rebound. If open interest keeps surging but the price turns downward, then it can be considered that distribution pressure is once again suppressing buy orders. For FIDA and ZAMA, the key is whether aggressive buying will continue to fade and whether support will keep thinning. That is the key to judging whether this round of gradual decline can evolve into a one-sided move.
#ORCA #FIDA #ZAMA #contract review
Live disclosure: this account currently holds a
$FOGO long position, and the related views are consistent with the actual position.
Compiled with the assistance of Claude Fable 5, contract data is for information reference only. Please verify independently.