The noisiest thing in the market today isn’t the gainers’ board—it’s the sell-off following JCT’s token unlock.
The contract price is currently around 0.0076, down about 14% over 24 hours,
after reaching a high of 0.0118.
Daily trading volume is roughly 815 million U,
and Binance has no spot pair, so almost all the trading is happening in futures.
Public calendars show an unlock of about 1.2 billion tokens today.
Estimates of its value vary, but it’s roughly equivalent to around 10% of the circulating market cap.
The funding rate has fallen from about 0.53% yesterday morning to around 0.04% in the latest period,
while accounts are skewed bearish, with only a little over 40% long.
The number of open contracts has barely changed, while their notional value has fallen along with the price.
I’m treating this as a battle over capital flows after the event has played out, rather than reading a new story into it.
$JCT #Janction #Unlock
Personal opinion only; not investment advice.
The contract price is currently around 0.0076, down about 14% over 24 hours,
after reaching a high of 0.0118.
Daily trading volume is roughly 815 million U,
and Binance has no spot pair, so almost all the trading is happening in futures.
Public calendars show an unlock of about 1.2 billion tokens today.
Estimates of its value vary, but it’s roughly equivalent to around 10% of the circulating market cap.
The funding rate has fallen from about 0.53% yesterday morning to around 0.04% in the latest period,
while accounts are skewed bearish, with only a little over 40% long.
The number of open contracts has barely changed, while their notional value has fallen along with the price.
I’m treating this as a battle over capital flows after the event has played out, rather than reading a new story into it.
$JCT #Janction #Unlock
Personal opinion only; not investment advice.