Positioning update:
$CKB contract open interest rose 18.89% over 24 hours, while the price fell 5.3%. There is still $5.42 million in open interest in the market.
With prices falling and open interest rising, the new positions may be skewed toward shorts, suggesting traders are pressing the price lower in line with the trend. But it’s also worth considering that some longs may be adding to their positions as prices fall. If short positions become too crowded, a single rally could trigger a cascade of short covering.
#CKB
$CKB contract open interest rose 18.89% over 24 hours, while the price fell 5.3%. There is still $5.42 million in open interest in the market.
With prices falling and open interest rising, the new positions may be skewed toward shorts, suggesting traders are pressing the price lower in line with the trend. But it’s also worth considering that some longs may be adding to their positions as prices fall. If short positions become too crowded, a single rally could trigger a cascade of short covering.
#CKB