Unlocks hit the ledger this afternoon—according to the public calendar, the annual cliff lands today, releasing about 160 million insider tokens, or roughly 38% of circulating supply, into circulation. The ledger doesn’t look like the bad news is fully priced in: longs have only just flipped from a slight short-side majority to around 51%, they’re still paying rent, and coin-margined money is still flowing in.
$ALLO: about −2.8% over a day / −12.2% over a week, currently around 0.1447. The weekly high was around 0.1683, a pullback of about −14.0%. The account long-short ratio is about 1.05 (about 51% long; around a day ago it was about 0.96 / 49%, with shorts slightly ahead—longs are building). Funding is about +0.0042%/8h, so longs are paying rent. Coin-margined OI is up about 2.9% over the past day (USD-margined OI is nearly unchanged). Price is getting slammed in the weekly trough, longs have only just crossed the midpoint and are still adding, they’re paying rent, and coin-margined money is increasing—don’t take 0.1447 to mean the annual unlock cliff landing is the last of the bad news, and definitely don’t assume the insider supply has already been absorbed.
In the same session, $TAO is down about −1.0% over a day and −6.5% over a week, currently around 220.6. Its weekly high was around 240.1, a pullback of about −8.1%. Longs are around 74% (long-short ratio about 2.89; around a day ago it was about 2.65 / 73%, with longs adding). Funding is about +0.0083%/8h, so they’re paying more expensive rent. OI is down about −1.6%. The trough is shallower, longs are more crowded and still adding, rent is more expensive, and money is retreating slightly.
On one side, the unlock cliff hits, longs have only just crossed the midpoint, and they’re still paying rent while money flows in. On the other, the same-session AI leader has longs pinned around 74%, paying even more expensive rent. Is this the last of the bad news—or has supply only just started coming in, with longs not yet clearing out? Post counterarguments in the comments.
$ALLO: about −2.8% over a day / −12.2% over a week, currently around 0.1447. The weekly high was around 0.1683, a pullback of about −14.0%. The account long-short ratio is about 1.05 (about 51% long; around a day ago it was about 0.96 / 49%, with shorts slightly ahead—longs are building). Funding is about +0.0042%/8h, so longs are paying rent. Coin-margined OI is up about 2.9% over the past day (USD-margined OI is nearly unchanged). Price is getting slammed in the weekly trough, longs have only just crossed the midpoint and are still adding, they’re paying rent, and coin-margined money is increasing—don’t take 0.1447 to mean the annual unlock cliff landing is the last of the bad news, and definitely don’t assume the insider supply has already been absorbed.
In the same session, $TAO is down about −1.0% over a day and −6.5% over a week, currently around 220.6. Its weekly high was around 240.1, a pullback of about −8.1%. Longs are around 74% (long-short ratio about 2.89; around a day ago it was about 2.65 / 73%, with longs adding). Funding is about +0.0083%/8h, so they’re paying more expensive rent. OI is down about −1.6%. The trough is shallower, longs are more crowded and still adding, rent is more expensive, and money is retreating slightly.
On one side, the unlock cliff hits, longs have only just crossed the midpoint, and they’re still paying rent while money flows in. On the other, the same-session AI leader has longs pinned around 74%, paying even more expensive rent. Is this the last of the bad news—or has supply only just started coming in, with longs not yet clearing out? Post counterarguments in the comments.
