Trading volume is still near the top of the futures activity rankings, but positions are being wound down.
The spot price for Public Chain is around 0.86, down about 6.5% in a day, with futures volume close to $300 million. The account long/short ratio is still skewed 2.1 to the long side, while open interest has fallen about 0.8% in the past hour. Traders are still leaning long, but leverage is being pulled back first—it looks more like deleveraging than a sudden flip to bearish. The trend cloud hasn't given a reason to reverse either, so I won't count that crowd as dip buyers just yet.
$SUI #Public Chain
The spot price for Public Chain is around 0.86, down about 6.5% in a day, with futures volume close to $300 million. The account long/short ratio is still skewed 2.1 to the long side, while open interest has fallen about 0.8% in the past hour. Traders are still leaning long, but leverage is being pulled back first—it looks more like deleveraging than a sudden flip to bearish. The trend cloud hasn't given a reason to reverse either, so I won't count that crowd as dip buyers just yet.
$SUI #Public Chain