ONE is looking pretty rough in today's market. Perpetuals are trading around 0.00158, down nearly 28% over 24 hours, while trading volume is still about 138 million U. It even hovered near 0.00220 at its high. The narrative around shutting down the chain and migrating to ERC-20 was heavily hyped over the past few days; today looks more like a retracement after speculative interest cooled. Spot is also down about 28%, so this doesn't look like a move driven purely by perpetuals. For this pullback, I'll first watch to see whether volume tapers off and leave the story aside for now.

$ONE #币安广场 #Perpetuals watch
Personal opinion only; not investment advice