$UNI This rally is somewhat interesting: the price moved up 0.69%, breaking above the highs of the past 20 five-minute candles. The aggressive buy/sell ratio is 1.29, so buying is somewhat dominant. But OI is actually falling: -0.09% over 15 minutes and -0.08% over one hour, while the notional change is still fairly significant. This price-up, open-interest-down pattern is most likely short covering or positions being closed out—not fresh capital coming in aggressively.
The funding rate is at a high percentile for the recent period, and the notional change ranks 9th across the entire pool, with an anomaly percentile of 72.2%—there’s definitely some activity. 24-hour trading volume is over 350 million, and volume is 1.44 times the average, so things look lively in the short term. But I’d be cautious about this kind of rally: if the price is being pushed up by short covering, where the follow-through buying will come from once that’s over is an open question. For now, let’s see if it can hold above the top of this range.
The funding rate is at a high percentile for the recent period, and the notional change ranks 9th across the entire pool, with an anomaly percentile of 72.2%—there’s definitely some activity. 24-hour trading volume is over 350 million, and volume is 1.44 times the average, so things look lively in the short term. But I’d be cautious about this kind of rally: if the price is being pushed up by short covering, where the follow-through buying will come from once that’s over is an open question. For now, let’s see if it can hold above the top of this range.
