$ICNT 24h up 40.9%, with a 7-day gain of 118.5% and more than tripling in a month. A week-long rally like this is uncommon on Binance Futures.
· Open interest is up 31.8% over 24h, to $5.45 million
· Open interest/market cap: 9.3%; leverage levels aren’t particularly high
· Long/short account ratio: 1.7, with more traders positioned long
ICN provides decentralized cloud services, letting people connect their spare storage and computing power to the network and sell it to businesses—a bit like an on-chain version of AWS.
The funding rate is slightly negative, at an annualized -39.6%. There are shorts, but they aren’t overcrowded. It looks more like some traders are trying to short at these high levels. Open interest is rising alongside the price, suggesting new money is coming in. If there’s a pullback, leveraged longs will be liquidated first. On the other hand, shorts may be reluctant to press too hard. Futures market depth is low, so a few large orders can move the price.
The circulating supply is 36.1%, and FDV is around $160 million, 2.8 times the market cap. Future token unlocks will continue to weigh on the price. Fast rallies can give back gains just as quickly, so anyone looking to participate should first consider whether they can handle the volatility.
#ICNT #妖币 #FundingRate
· Open interest is up 31.8% over 24h, to $5.45 million
· Open interest/market cap: 9.3%; leverage levels aren’t particularly high
· Long/short account ratio: 1.7, with more traders positioned long
ICN provides decentralized cloud services, letting people connect their spare storage and computing power to the network and sell it to businesses—a bit like an on-chain version of AWS.
The funding rate is slightly negative, at an annualized -39.6%. There are shorts, but they aren’t overcrowded. It looks more like some traders are trying to short at these high levels. Open interest is rising alongside the price, suggesting new money is coming in. If there’s a pullback, leveraged longs will be liquidated first. On the other hand, shorts may be reluctant to press too hard. Futures market depth is low, so a few large orders can move the price.
The circulating supply is 36.1%, and FDV is around $160 million, 2.8 times the market cap. Future token unlocks will continue to weigh on the price. Fast rallies can give back gains just as quickly, so anyone looking to participate should first consider whether they can handle the volatility.
#ICNT #妖币 #FundingRate