The takeaway: ARB rose 8% in a day, while open interest broadly declined over the past 4 hours, suggesting that buyers chasing the rally are starting to let go. MEXC is the only exchange where open interest is still increasing.
ARB is trading at around $0.1942 on both Binance and OKX. It is up 7.6% and 7.8%, respectively, over the past 24 hours, with a high of about $0.2003 and a low of about $0.1748, so prices are consistent across the two exchanges.
Open interest across all exchanges is about $235 million, up 9.1% in 24 hours. But over the short term, open interest fell 0.82% on Binance, 2.92% on OKX, 0.36% on Bybit, and 2.19% on Gate. MEXC, by contrast, saw a 10.2% increase, revealing a divergence in positioning.
Liquidations are also skewing toward shorts: shorts accounted for 52% of liquidations over the past 24 hours, rising to 60% in the most recent 4 hours. Although 94% of liquidations in the past hour came from longs, the total was only $5,106, so this is not yet a signal of a trend reversal.
$ARB $BTC
Prices are still climbing, but positions are starting to diverge. Is it still worth chasing this ARB rally?
View in real time: https://www.coinboss.com/currencies/ARB