$INJ fell 3.83% over six hours, while open interest rose 5.89%. After the ETF listing, what grounds do existing longs still have for holding on?
The “spot buyers still have the upper hand” assessment in the November 5 morning report reflected observations from that six-hour period; the basis for holding on in this latest update no longer applies. Existing longs are now betting on a rebound while sellers have the upper hand.
As of 5 p.m. Hong Kong time on November 6, during the latest complete six-hour period, aggressive spot buying accounted for 45.26% of trading, down from 47.04% in the previous period. The price also shifted from a 2.02% gain in the previous period to a decline. Over the same period, the increase in open interest widened from 1.54% to 5.89%. This only indicates an increase in open long and short positions; it cannot identify whether they are new longs, new shorts, or institutional positions.
INJC was listed on Nasdaq on November 5, but the listing does not mean new buying demand has entered the market during this period. Continuing to hold preserves the possibility of a subsequent rebound while also exposing holders to pullback risk when sellers have the upper hand; reducing this exposure would also mean participating less in any rebound.
Next, watch whether spot buyers can regain the upper hand and drive a price recovery. If that happens, the case for holding on would change with the new evidence, rather than relying on outdated positive news.
This content participates in Binance Square's content mining program. The author may receive platform commissions and engagement rewards.
Source: Binance trading and futures data, Nasdaq. Not investment advice. #INJ
The “spot buyers still have the upper hand” assessment in the November 5 morning report reflected observations from that six-hour period; the basis for holding on in this latest update no longer applies. Existing longs are now betting on a rebound while sellers have the upper hand.
As of 5 p.m. Hong Kong time on November 6, during the latest complete six-hour period, aggressive spot buying accounted for 45.26% of trading, down from 47.04% in the previous period. The price also shifted from a 2.02% gain in the previous period to a decline. Over the same period, the increase in open interest widened from 1.54% to 5.89%. This only indicates an increase in open long and short positions; it cannot identify whether they are new longs, new shorts, or institutional positions.
INJC was listed on Nasdaq on November 5, but the listing does not mean new buying demand has entered the market during this period. Continuing to hold preserves the possibility of a subsequent rebound while also exposing holders to pullback risk when sellers have the upper hand; reducing this exposure would also mean participating less in any rebound.
Next, watch whether spot buyers can regain the upper hand and drive a price recovery. If that happens, the case for holding on would change with the new evidence, rather than relying on outdated positive news.
This content participates in Binance Square's content mining program. The author may receive platform commissions and engagement rewards.
Source: Binance trading and futures data, Nasdaq. Not investment advice. #INJ
