News that a derivatives platform received orders on the $BCH perpetual contract has spread widely, yet Binance’s 24-hour order book has only moved -1.5%.
Listing news usually steers expectations toward a more compliant and more institutional channel, but with Binance’s $961.3M in trading volume sitting right there, the price barely budges—more like a round of large-volume turnover has already happened, but no direction has formed yet.
The order flow isn’t cooperating either: open positions over the past 6 hours are still net decreasing, it only ticks back a little in the past hour, and the fee rate is nearly zero. Contract accounts overall are positioned net long, yet the share of aggressive buy orders is falling. The money comes in first to turnover, not to push the price up right away.
The news is new, but the market hasn’t caught up. To overturn this read, we’d need to see price and 1-hour open positions both expanding with volume to the upside. Right now it looks like there’s volume without direction.
#BCHJumps28%OnCMEFuturesListing
Listing news usually steers expectations toward a more compliant and more institutional channel, but with Binance’s $961.3M in trading volume sitting right there, the price barely budges—more like a round of large-volume turnover has already happened, but no direction has formed yet.
The order flow isn’t cooperating either: open positions over the past 6 hours are still net decreasing, it only ticks back a little in the past hour, and the fee rate is nearly zero. Contract accounts overall are positioned net long, yet the share of aggressive buy orders is falling. The money comes in first to turnover, not to push the price up right away.
The news is new, but the market hasn’t caught up. To overturn this read, we’d need to see price and 1-hour open positions both expanding with volume to the upside. Right now it looks like there’s volume without direction.
#BCHJumps28%OnCMEFuturesListing
