The order book is thin to begin with on weekends, and an obscure public blockchain has put on another fireworks show of its own.
The contract is up about 70% in 24 hours, now trading around 0.00182, with just over $160 million in volume. Funding is slightly negative, while the long/short account ratio is only 0.91—so even after a rally like this, short positions are still more crowded. Price is surging, but positions aren’t chasing longs; this looks more like a short squeeze with sentiment-driven follow-through than a slow institutional grind higher. I’d treat a move this steep as volatility clearing out, not as a trend signal.
$ONE
#MoreThan$2TrillionWipedOffUSStocksOvernight,MultipleHedgeFundsFaceLiquidation
The contract is up about 70% in 24 hours, now trading around 0.00182, with just over $160 million in volume. Funding is slightly negative, while the long/short account ratio is only 0.91—so even after a rally like this, short positions are still more crowded. Price is surging, but positions aren’t chasing longs; this looks more like a short squeeze with sentiment-driven follow-through than a slow institutional grind higher. I’d treat a move this steep as volatility clearing out, not as a trend signal.
$ONE
#MoreThan$2TrillionWipedOffUSStocksOvernight,MultipleHedgeFundsFaceLiquidation
