SOON fell 14% on the day, while CoinGlass data showed negative net flows in the perpetual futures market and an increase in net token transfers to spot exchanges.
The liquidation map and funding rate still leave room for a recovery, but short-term price action is weighing against long positions.
KEY TAKEAWAYS
Net flows in the SOON perpetual futures market stood at negative $1.82 million.
Liquidation clusters are concentrated mainly above the current price level.
The funding rate is positive at around 0.0051%, while long positions accounted for most of the losses over the past 24 hours.
How are SOON flows trending?
SOON recorded net outflows from the perpetual futures market, while net flows into spot exchanges were positive, according to CoinGlass.
In the spot market, more SOON moving onto exchanges than leaving them may indicate potential selling pressure, but it does not confirm that those tokens were sold.
Metric | Value Perpetual futures market inflows | $8.62 million Perpetual futures market outflows | $10.44 million Net flows in the perpetual futures market | Negative $1.82 million Net flows into spot exchanges | $697,000
Source: CoinGlass
SOON liquidation clusters are concentrated above the price
CoinGlass’s one-month SOON liquidation map shows numerous liquidation clusters above the current price, while there are very few below it.
This concentration could support a rebound if demand increases, although the location of liquidation clusters does not guarantee that the price will move in that direction.
Source: CoinGlass
Positive funding, but long positions suffer heavy losses
The funding rate for SOON perpetual futures is around 0.0051%, reflecting a bias toward long positions, according to CoinGlass.
Even so, over the past 24 hours, traders holding long positions suffered significantly greater losses than those holding short positions. Capital in the perpetual futures market stood at $32.32 million.
Metric | Value Funding rate | Around 0.0051% Long position losses over 24 hours | $67,770 Short position losses over 24 hours | $4,440 Capital in the perpetual futures market | $32.32 million
Source: CoinGlass
Summary
SOON is facing downward pressure and outflows from the perpetual futures market, although the positive funding rate and liquidation clusters above the price leave room for a potential rebound.
Source: https://tintucbitcoin.com/nha-giao-dich-soon-can-nhin-xa-hon-funding-duong-khi-danh-cuoc-phuc-hoi/
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