$INJ This week, it gave back all the gains from the ETF rally.
On November 5, Canary’s staked INJ ETF (ticker: INJC) was listed on Nasdaq. On Binance spot, the daily candle opened at 7.936 and climbed as high as 8.584. It’s now around 7.50, down about 9% in 24 hours and more than 5% below its opening price on listing day. BTC was nearly flat over the same period, so this drop is INJ’s own doing.
The buzz hasn’t died down: Robinhood’s $700,000 trading sweepstakes runs through November 22, with INJ among the seven designated coins. But both buying and selling count as entries, with a maximum of 24 per person. That’s exposure, not buying pressure.
The 7 a.m. hourly candle this morning plunged from 7.738 to 7.434, with spot volume of about 1.95 million U—more than five times the previous candle.
I’m watching futures. Funding flipped from +0.01% to -0.027%, and open interest rose from about 3.68 million tokens to about 3.74 million. Yet since 8 a.m., the price has just wobbled between 7.41 and 7.61, without pushing lower. Shorts are adding to their positions and paying funding, but the price isn’t cooperating.
I’m leaning toward a rebound. A big chunk of the post-ETF-launch selling pressure came out in this morning’s candle, and shorts are now chasing at the lows. If 7.40 doesn’t break on heavy volume, negative funding and rising open interest could fuel a bounce; the first target is around 7.9, near the listing-day level. If open interest keeps rising and the price breaks below 7.40 on heavy volume, then the bears were right—and I’ll own that call.
#Injective #INJ $INJ
On November 5, Canary’s staked INJ ETF (ticker: INJC) was listed on Nasdaq. On Binance spot, the daily candle opened at 7.936 and climbed as high as 8.584. It’s now around 7.50, down about 9% in 24 hours and more than 5% below its opening price on listing day. BTC was nearly flat over the same period, so this drop is INJ’s own doing.
The buzz hasn’t died down: Robinhood’s $700,000 trading sweepstakes runs through November 22, with INJ among the seven designated coins. But both buying and selling count as entries, with a maximum of 24 per person. That’s exposure, not buying pressure.
The 7 a.m. hourly candle this morning plunged from 7.738 to 7.434, with spot volume of about 1.95 million U—more than five times the previous candle.
I’m watching futures. Funding flipped from +0.01% to -0.027%, and open interest rose from about 3.68 million tokens to about 3.74 million. Yet since 8 a.m., the price has just wobbled between 7.41 and 7.61, without pushing lower. Shorts are adding to their positions and paying funding, but the price isn’t cooperating.
I’m leaning toward a rebound. A big chunk of the post-ETF-launch selling pressure came out in this morning’s candle, and shorts are now chasing at the lows. If 7.40 doesn’t break on heavy volume, negative funding and rising open interest could fuel a bounce; the first target is around 7.9, near the listing-day level. If open interest keeps rising and the price breaks below 7.40 on heavy volume, then the bears were right—and I’ll own that call.
#Injective #INJ $INJ
