Follow the money:
$HYPE contract positions rose 8.25% in 24 hours, while the price fell 11.87%, with $351 million in open interest still in the market.
Price down, open interest up: the new positions appear to lean toward the short side, seemingly betting on the downward trend. But some longs may also be stepping in to buy the dip. When shorts get too crowded, a single rally could trigger a wave of covering.
$HYPE contract positions rose 8.25% in 24 hours, while the price fell 11.87%, with $351 million in open interest still in the market.
Price down, open interest up: the new positions appear to lean toward the short side, seemingly betting on the downward trend. But some longs may also be stepping in to buy the dip. When shorts get too crowded, a single rally could trigger a wave of covering.
