$AKE 24-hour contract open interest -10.87%, price +267.58%—open interest fell while the price rose.
First, a note on methodology: open interest here is measured in coins, excluding the effect of price movements on the value of positions. So increases and decreases reflect actual opening or closing of positions.
Open interest fell as the price rose, suggesting the rally was driven more by short covering than by new long positions entering the market. How far a rally driven by short covering can go depends on whether new capital steps in next.
How do you interpret this information?
#AKE
This is not investment advice. Trade at your own risk.
First, a note on methodology: open interest here is measured in coins, excluding the effect of price movements on the value of positions. So increases and decreases reflect actual opening or closing of positions.
Open interest fell as the price rose, suggesting the rally was driven more by short covering than by new long positions entering the market. How far a rally driven by short covering can go depends on whether new capital steps in next.
How do you interpret this information?
#AKE
This is not investment advice. Trade at your own risk.