$INIT funding rate: -0.082%/hour, annualized -720%. The price fell 39.3% in a day, yet the rate is still stuck deep in negative territory
· Open interest over 24h: -38.1%, now $9.57 million
· Open interest/market cap: 35.7%; futures volume is 14.7 times spot volume
· Long/short account ratio: 1.15, meaning there are slightly more longs
Initia is an L1 for interconnected Rollups. Put simply, each application can have its own chain, and Initia acts as the backbone connecting them. It was among the projects on Binance Launchpool last April.
Open interest also plunged as the price crashed, indicating that leveraged positions were mainly being liquidated today, with no new money coming in to buy the dip. The funding rate has been negative for eight consecutive periods. Shorts have kept paying but haven't been squeezed, most likely because they already made most of their gains and are now paying fees while waiting for the next move. Another possibility is that some of the drop in open interest came from shorts closing to take profits. In that case, this rebound could be fragile: futures volume is outweighing spot, and sharp wicks could occur in either direction.
Only 21.9% of the supply is circulating. FDV is about $122 million, 4.6 times the $26.79 million market cap. No major unlocks are scheduled in the near term, but the remaining supply will still be released gradually over time, keeping pressure overhead.
#INIT #资金费率 #wildcoin
· Open interest over 24h: -38.1%, now $9.57 million
· Open interest/market cap: 35.7%; futures volume is 14.7 times spot volume
· Long/short account ratio: 1.15, meaning there are slightly more longs
Initia is an L1 for interconnected Rollups. Put simply, each application can have its own chain, and Initia acts as the backbone connecting them. It was among the projects on Binance Launchpool last April.
Open interest also plunged as the price crashed, indicating that leveraged positions were mainly being liquidated today, with no new money coming in to buy the dip. The funding rate has been negative for eight consecutive periods. Shorts have kept paying but haven't been squeezed, most likely because they already made most of their gains and are now paying fees while waiting for the next move. Another possibility is that some of the drop in open interest came from shorts closing to take profits. In that case, this rebound could be fragile: futures volume is outweighing spot, and sharp wicks could occur in either direction.
Only 21.9% of the supply is circulating. FDV is about $122 million, 4.6 times the $26.79 million market cap. No major unlocks are scheduled in the near term, but the remaining supply will still be released gradually over time, keeping pressure overhead.
#INIT #资金费率 #wildcoin
