ARB open interest fell about 18% in dollar terms, but only about 6% once you adjust for the token’s 13% drop. The difference matters heading into a scheduled 92.65M $ARB unlock: the dollar figure makes the futures market look more cleared out than it is.
After the unlock, watch whether exchange deposits pick up and spot starts making fresh lows. That combination would be stronger evidence of new supply hitting the market.
If price slips while only futures positions shrink, the move looks more like traders cutting leverage than unlocked tokens being sold.
After the unlock, watch whether exchange deposits pick up and spot starts making fresh lows. That combination would be stronger evidence of new supply hitting the market.
If price slips while only futures positions shrink, the move looks more like traders cutting leverage than unlocked tokens being sold.
