Conclusion first: OP open interest increased by 11% in one day. After longs crowded in, liquidations in the following 24 hours were 96% attributed to longs.
OP is currently priced at about $0.130. Both Binance and OKX are down around 0.3%, with no major price move, yet leveraged positions have clearly swelled. Total global derivatives open interest rose to $88.48 million. Binance open interest increased by 4.64% and OKX by 5.22%—the new positions are not concentrated in just one venue.
More attention-grabbing liquidation data: In the past 24 hours, $328,000 was liquidated—$317,000 from longs and only $118,000 from shorts. Those who chased longs temporarily bore the vast majority of exit costs.
Funding rate is still a positive number. Binance charges one ten-thousandth every 8 hours, OKX charges about two ten-thousandths, and going long still costs fees. Open interest is increasing, the rate is positive, but the price is still slightly down. This combination suggests that longs are adding leverage, and they haven't yet received price confirmation.
Will you wait until OP holds steady before going long, or wait first for this batch of leverage to come down?
Check in real time: https://www.coinboss.com/currencies/OP