$SPELL in one hour rose 6.63% to 0.0001045; the traded amount reached 24h-hourly-average at 14.98x—active buy/sell ratio only 0.931, and in 15 minutes it dropped further to 0.77. The more it rises, the more the sell side eats the orders!
Open interest value increased 14.73% in 1 hour to 2.07 million. As price rises, positions rise too—like new money is chasing; but the buy/sell ratio is below 1, so the chasing force hasn’t overwhelmed the selling pressure. Even the funding rate +0.01% isn’t crowded.
Only when it holds above 0.000098 one hour ago can it be considered “catching.” If it falls back below that level and the buy/sell ratio continues to decline, then this round of position build-up is simply chasing the late buyers, only to be flipped on them.
#SPELL
Open interest value increased 14.73% in 1 hour to 2.07 million. As price rises, positions rise too—like new money is chasing; but the buy/sell ratio is below 1, so the chasing force hasn’t overwhelmed the selling pressure. Even the funding rate +0.01% isn’t crowded.
Only when it holds above 0.000098 one hour ago can it be considered “catching.” If it falls back below that level and the buy/sell ratio continues to decline, then this round of position build-up is simply chasing the late buyers, only to be flipped on them.
#SPELL
