AKE has fallen 31.61% in the past 24 hours as of this morning, and is now trading at 0.003761, down 42% from its high of 0.006488, with a trading volume of 149 million U.
Let’s lay out the numbers: Binance futures open interest is 2.496 billion tokens, worth 9.39 million U at the current price—just 6.3% of today’s trading volume. The funding rate of -0.0521% means shorts are paying, but it’s barely below zero, nothing like the rates of -1% or more often seen during a genuine liquidation cascade. This sell-off isn’t a leveraged-p positions getting forcibly unwound; spot holders are actively selling, while leveraged positions have largely remained open.
It’s easy to prove this assessment wrong: watch whether the 9.39 million U in open interest shrinks along with the price. In a genuine liquidation event, OI should collapse at the same time. If $AKE doesn’t collapse, then someone is still slowly selling.
Let’s lay out the numbers: Binance futures open interest is 2.496 billion tokens, worth 9.39 million U at the current price—just 6.3% of today’s trading volume. The funding rate of -0.0521% means shorts are paying, but it’s barely below zero, nothing like the rates of -1% or more often seen during a genuine liquidation cascade. This sell-off isn’t a leveraged-p positions getting forcibly unwound; spot holders are actively selling, while leveraged positions have largely remained open.
It’s easy to prove this assessment wrong: watch whether the 9.39 million U in open interest shrinks along with the price. In a genuine liquidation event, OI should collapse at the same time. If $AKE doesn’t collapse, then someone is still slowly selling.
