Conclusion first: half of the top spots on the gainers list today are an illusion; only three or four coins are actually being moved by real money.
In the top 30 by 24-hour price increase, 7 are made of US stock tokens. Two of Reddit’s codes are up 16% and 15.6%; two of Intuitive Machines’ codes are up 14.4% and 12.9%; Workday is up 13.1%; Nubank is up 12.5%; and there’s also Robinhood-related token up 29%. It sounds like US stocks have been brought onto the chain, but combined, these 7 have only $28.5 million in 24-hour trading volume. $AKE One coin trades 2.03 billion in value, which is 71 times the total of the other seven. The leaderboard rankings don’t take trading volume into account—this is the easiest trap to fall into.
The ones that are being pushed are the ones that have been squeezed out. AKE is up 70.6%; in the past 24 hours, short sellers got liquidated for $12.56 million, while longs were only liquidated for $1.36 million—almost 9 to 1. $ACE Up 121.5%, with $2.55 million liquidated for shorts. CAP is up 23.4%, with $2.15 million liquidated for shorts.
But among the 1.85 billion yuan liquidations across the whole network in 24 hours, longs account for 77% (142 million). Short squeezes only happen on these few small coins. As for the overall market direction, the one that’s “dead” is still the longs. In BTC alone, one coin liquidated 71.79 million; 96% of those were single-side long liquidations.
The decliners list is a different story. $BEAT Down 24%, with trading volume of 429 million; TUT down 22.9%, with trading volume of 489 million. With pullbacks like this and trading still so active, someone is distributing at volume—it's not a slow bleed with no buyers stepping in.
Fear and Greed Index is 29, and it’s altcoin season—68. Pick-the-coins opportunities, not a broad-based rally.
Are you the first one chasing the gainers list, or should you first filter by trading volume?
Check in real time: https://www.coinboss.com/zh/gainers-losers