$51 million in funds were pulled out within just a few hours. Open interest in $SNDK contracts plunged from 184,000 shares to 154,000 shares, a full 16.5% drop.
Even more alarming than the bleeding open interest is the big money switching sides: the share of large-trader longs fell below half, dropping to 47.7%; the percentage of long accounts plunged from last night’s overwhelming 74% to just 52%.
Open interest is shrinking fast and bulls are retreating. The big players are already cashing out. The market has been hollowed out from within, and this inflated price action—without big money there to support it—won’t withstand even a little selling pressure.
#SNDK
👇
Even more alarming than the bleeding open interest is the big money switching sides: the share of large-trader longs fell below half, dropping to 47.7%; the percentage of long accounts plunged from last night’s overwhelming 74% to just 52%.
Open interest is shrinking fast and bulls are retreating. The big players are already cashing out. The market has been hollowed out from within, and this inflated price action—without big money there to support it—won’t withstand even a little selling pressure.
#SNDK
👇