The cross-chain protocol $W (Wormhole) plunged about 34% over the past 24 hours, with spot market trading volume rising noticeably and heavy selling pressure. Derivatives markets showed mixed signals: 24-hour perpetual futures trading volume exceeded $1.06 billion, and the long-to-short ratio remained at 1.05, giving longs a slight edge; however, the funding rate turned negative at -0.0436%, indicating that short positions are highly crowded. Open interest plunged 48% to about $71.47 million, suggesting that capital is flowing out. Market sentiment indicators remain slightly bullish, and hopes for a rebound persist, but bears still control near-term pressure. (Source: AMBCrypto)
#Wormhole #Altcoin Market
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