0G pushed out a new high—this stretch was mainly shorts being forced to buy back.
Over 24 hours, it was pulled from $0.286 to $0.364, and it’s around $0.350 now—up nearly 17%. Total global futures open interest is $45.04 million, up more than 33% in a day. The biggest chunk is from positions entered last night.
Last night from 7pm to 11pm, Binance holdings rose from 40.49 million coins to 51.94 million coins—up 28% over four hours. The price followed, surging from 0.30 to 0.35. That was truly leveraged to the max.
Today is different. Over the past two hours, the price jumped from 0.329 to 0.364, but Binance holdings increased by only 0.6%—and it’s still 7% less than last night’s peak. In the last hour, $128,000 was liquidated, and 87% of it was shorts.
Binance and OKX’s fees have been 0.005% for 6 consecutive periods, only half of the usual. Long accounts make up 58.6%, and longs aren’t crowded.
Once the shorts are closed, the selling pressure gets weaker. For a new high to hold steady, you need to see positions move back above 50 million coins.
Do you think 0G’s squeeze is already over, or is there still more to go?
Check in real time: https://www.coinboss.com/zh/open-interest/0G