In the past 24 hours, ZBT has risen 40%. But even more outrageous is the contract open interest: across the whole network, it has surged from roughly $29 million to $64.6 million—up 124% in a single day. This coin’s circulating market cap is only around $52 million; the position locked in contracts is already 1.2 times the circulating market cap.
The biggest add-on spree isn’t from the top players, either: OKX’s position increased by 6x in one day, Aster by 8x, and Bybit by nearly 3x. The remaining positions are still led by Bitget: $21.6 million, or 33%, and Binance at $16.2 million, or 25%.
The shorts are having a hard time: in 24 hours, $900,000 was liquidated, and 85% of that was short positions. Account data is still “coming in” awkwardly—the situation is that 58% of Binance accounts are short, 62% of Bybit accounts are short, yet the price keeps getting pushed upward. Funding rates are basically flat; most exchanges are still around 0.005%. Bulls aren’t yet to the point of paying a premium to aggressively bid and build positions.
For coins whose open interest is already larger than their market cap, volatility will only be amplified. When the trend reverses, long liquidations and short liquidations happen just as fast—longs get forced to step on the brakes, and shorts get liquidated just as quickly. Open interest changes are at coinboss.com/open-interest, and ZBT single-coin data is at coinboss.com/currencies/zbt
The biggest add-on spree isn’t from the top players, either: OKX’s position increased by 6x in one day, Aster by 8x, and Bybit by nearly 3x. The remaining positions are still led by Bitget: $21.6 million, or 33%, and Binance at $16.2 million, or 25%.
The shorts are having a hard time: in 24 hours, $900,000 was liquidated, and 85% of that was short positions. Account data is still “coming in” awkwardly—the situation is that 58% of Binance accounts are short, 62% of Bybit accounts are short, yet the price keeps getting pushed upward. Funding rates are basically flat; most exchanges are still around 0.005%. Bulls aren’t yet to the point of paying a premium to aggressively bid and build positions.
For coins whose open interest is already larger than their market cap, volatility will only be amplified. When the trend reverses, long liquidations and short liquidations happen just as fast—longs get forced to step on the brakes, and shorts get liquidated just as quickly. Open interest changes are at coinboss.com/open-interest, and ZBT single-coin data is at coinboss.com/currencies/zbt