On-chain lending: a 12-hour crash of 89%, and the spot long/short ratio is slashed in half—SUI’s 7-day +18% rally: when it was rising, it relied on leverage, but now leverage is accelerating its unwind. Nobody is defending the 0.9555 high; the price has given back 16% and is lying at 0.80, with moving averages around 0.81 capping it.
Spot shows a net outflow of 125 million yuan over three hours. The funding window has closed twelve straight days in the red, with zero positive—so the main forces are using the bounce to distribute, not to wash out. Fees are only 0.01%, so nobody is willing to pay more to go long. On the futures side, the taker-side active bid is down to just 45%. OI has fallen into the panic liquidation quadrant, and over the past 4 hours the center of gravity has been stepping down continuously.
The only contrarian indicator is whale accounts: +9% in number, but positions are -2.5%—more accounts, but no real increase in capital. That kind of “adding” can’t catch the sell pressure from spot. From a technical perspective it still looks somewhat bullish—yet that’s a lagging indicator comforting people; the fund flow is the leading signal.
The stance is short. Enter short on rallies into the 0.815 area. First target is 0.77; if it breaks, watch 0.75. There are only two reversal signals: (1) spot large orders continuously flip to positive net inflow, or (2) price rises with volume and reclaims 0.82—until it actually holds back above 0.82, every bounce is an opportunity for shorts to add.
#sui $SUI
Spot shows a net outflow of 125 million yuan over three hours. The funding window has closed twelve straight days in the red, with zero positive—so the main forces are using the bounce to distribute, not to wash out. Fees are only 0.01%, so nobody is willing to pay more to go long. On the futures side, the taker-side active bid is down to just 45%. OI has fallen into the panic liquidation quadrant, and over the past 4 hours the center of gravity has been stepping down continuously.
The only contrarian indicator is whale accounts: +9% in number, but positions are -2.5%—more accounts, but no real increase in capital. That kind of “adding” can’t catch the sell pressure from spot. From a technical perspective it still looks somewhat bullish—yet that’s a lagging indicator comforting people; the fund flow is the leading signal.
The stance is short. Enter short on rallies into the 0.815 area. First target is 0.77; if it breaks, watch 0.75. There are only two reversal signals: (1) spot large orders continuously flip to positive net inflow, or (2) price rises with volume and reclaims 0.82—until it actually holds back above 0.82, every bounce is an opportunity for shorts to add.
#sui $SUI
