$ARB is up 7.9 percent at 0.1978, and it did that on less volume than an average day.
Spot turnover is 16.09 million over 24 hours against a 30 day average of 22.0 million, so 0.73 times normal, across 103,511 trades. The low of 0.1750 was printed at 19:00 UTC yesterday, and price has added 13.0 percent from it without ever accelerating.
Futures did the heavy lifting. Open interest bottomed at 253.0 million tokens at 21:00 UTC yesterday and now stands at 271.5 million, a build of 7.3 percent, while the dollar value of that position went from 44.74 million to 53.04 million, up 18.6 percent. Funding settled negative twice yesterday, at minus 0.0028 and minus 0.0015 percent, then flipped to 0.0082 and 0.0064 percent today. The long short account ratio peaked at 1.5164 at 09:00 UTC and has eased to 1.4033, so the bid is coming from new positions rather than from shorts being forced out.
The chain under the token has not moved with it. TVL is 1.4122 billion against 1.3828 billion a week ago and 1.4217 billion a month ago, while stablecoin supply on the network sits at 3.6633 billion. That stablecoin float alone is 2.7 times the token's 1.3628 billion market cap, and 6.892 billion of the 10 billion total supply circulates.
The monthly high of 0.2555 was printed on 23 September and the monthly low of 0.1621 on 8 October. Today's 0.1978 sits 22.6 percent under that high and 22.0 percent above that low.
Follow me for daily on-chain and derivatives breakdowns.
#arbitrum #layer2 #defi #altcoin #crypto
Spot turnover is 16.09 million over 24 hours against a 30 day average of 22.0 million, so 0.73 times normal, across 103,511 trades. The low of 0.1750 was printed at 19:00 UTC yesterday, and price has added 13.0 percent from it without ever accelerating.
Futures did the heavy lifting. Open interest bottomed at 253.0 million tokens at 21:00 UTC yesterday and now stands at 271.5 million, a build of 7.3 percent, while the dollar value of that position went from 44.74 million to 53.04 million, up 18.6 percent. Funding settled negative twice yesterday, at minus 0.0028 and minus 0.0015 percent, then flipped to 0.0082 and 0.0064 percent today. The long short account ratio peaked at 1.5164 at 09:00 UTC and has eased to 1.4033, so the bid is coming from new positions rather than from shorts being forced out.
The chain under the token has not moved with it. TVL is 1.4122 billion against 1.3828 billion a week ago and 1.4217 billion a month ago, while stablecoin supply on the network sits at 3.6633 billion. That stablecoin float alone is 2.7 times the token's 1.3628 billion market cap, and 6.892 billion of the 10 billion total supply circulates.
The monthly high of 0.2555 was printed on 23 September and the monthly low of 0.1621 on 8 October. Today's 0.1978 sits 22.6 percent under that high and 22.0 percent above that low.
Follow me for daily on-chain and derivatives breakdowns.
#arbitrum #layer2 #defi #altcoin #crypto