$W rose 64% in a day and 98% in a week. Here is the structure underneath 👇

What it is
→ Wormhole moves tokens and messages between blockchains
→ No project announcement found for this move

The move
🟢 +64% in 24h · +98% in 7d
🔴 Still ~98% below all-time high

The structure
→ Futures open interest: ~$31M
→ Spot orders within 1% of price: $0.74M on the major centralized exchanges we checked
→ Futures ≈ 42× the spot book

Three large traders hold ~$4.85M of longs. The largest has started selling part of it.

When futures are this large vs spot, positions decide the next move.

Spot buyers or futures positions, which is driving W? DYOR.

#Wormhole #Altcoins #Futures