$BLESS In a single day, it dropped 47.8%. It hit the CoinGecko trend leaderboard, but the six-hour futures contract open interest then pulled back by 40.9%.
This is closer to the long side getting swept out in a wave; you can’t simply chalk it up to shorts chasing. The funding rate is still +0.005% and hasn’t turned negative, meaning no new shorts are piling in to smash. But active sell orders still hold the upper hand—until that sell pressure is fully absorbed, the hype doesn’t indicate a clear direction.
Now we’re waiting for the sell-order slope to come down and for open interest to stop continuing to withdraw; that’s when you should assess whether bids/absorption are holding.
#Market Update
This is closer to the long side getting swept out in a wave; you can’t simply chalk it up to shorts chasing. The funding rate is still +0.005% and hasn’t turned negative, meaning no new shorts are piling in to smash. But active sell orders still hold the upper hand—until that sell pressure is fully absorbed, the hype doesn’t indicate a clear direction.
Now we’re waiting for the sell-order slope to come down and for open interest to stop continuing to withdraw; that’s when you should assess whether bids/absorption are holding.
#Market Update