The Nasdaq 100 closed the week 5.49 percent lower while the Dow added 0.67 percent, a 6.16 percentage point spread that is the widest weekly gap between the two since the week of 22 July 2002. $DOT lost 9.53 percent over those same five sessions, and the timing does not line up at all.
Polkadot did its damage early. The 12 October close was 6.93 percent below the 11 October close, at a point when the Nasdaq was only 0.71 percent off its Friday level. The index then fell 2.02 percent on 14 October and 2.50 percent on 16 October, its worst session of the week, and $DOT closed that same day 2.96 percent higher at 1.184.
Today, with equities shut, the unwind arrived. Price is 1.1410 after a low of 1.1030, down 1.30 percent on 8.04 million of spot volume against a 30 day average of 13.58 million, so 0.59 times a normal day across 57,663 trades.
The positioning is what moved. Open interest peaked at 33.23 million tokens at 05:00 UTC and is now 32.08 million, down 3.5 percent, worth 36.53 million against 39.77 million at that peak. The long short account ratio slid from 2.3956 at 12:00 UTC to 2.0358 at 21:00, nine straight hourly readings lower. Funding printed 0.0100 percent twice on 16 October, then 0.0088, then 0.0016, then minus 0.0099 percent at 16:00 today, the first negative settlement since 15 October.
Market cap is 1.95 billion at rank 42, with all 1.708 billion tokens circulating. The monthly low of 1.009 was printed on 8 October.
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Polkadot did its damage early. The 12 October close was 6.93 percent below the 11 October close, at a point when the Nasdaq was only 0.71 percent off its Friday level. The index then fell 2.02 percent on 14 October and 2.50 percent on 16 October, its worst session of the week, and $DOT closed that same day 2.96 percent higher at 1.184.
Today, with equities shut, the unwind arrived. Price is 1.1410 after a low of 1.1030, down 1.30 percent on 8.04 million of spot volume against a 30 day average of 13.58 million, so 0.59 times a normal day across 57,663 trades.
The positioning is what moved. Open interest peaked at 33.23 million tokens at 05:00 UTC and is now 32.08 million, down 3.5 percent, worth 36.53 million against 39.77 million at that peak. The long short account ratio slid from 2.3956 at 12:00 UTC to 2.0358 at 21:00, nine straight hourly readings lower. Funding printed 0.0100 percent twice on 16 October, then 0.0088, then 0.0016, then minus 0.0099 percent at 16:00 today, the first negative settlement since 15 October.
Market cap is 1.95 billion at rank 42, with all 1.708 billion tokens circulating. The monthly low of 1.009 was printed on 8 October.
Follow me for daily derivatives and macro breakdowns.
#NasdaqDowWeeklyGapWidestSinceJuly2002 #DOT #macro #altcoins #crypto