Leverage check: $VANRY
Spot volume on VANRY is up around 250%.
Quick numbers:
>Market cap: ~$11M
>Futures volume: ~$123M
>Spot volume: ~$8M
>Open interest: ~$14M
Futures volume is running at roughly 11x the market cap, and OI is actually higher than the entire mcap. For a coin this small, that is heavy leveraged interest.
On the long/short side it gets interesting. Binance account ratio sits at 0.60, so most accounts are short. Top trader accounts are at 0.72, but their position ratio is 1.49. In other words, the big players are positioned long.
Funding keeps printing negative. Shorts are paying longs.
Rising spot volume, a crowded short side and OI above mcap is a setup that carries short squeeze potential.
That said, the futures/spot gap is still wide, so the move can stay purely speculative. Whether the volume holds is the key thing to watch.
Spot volume on VANRY is up around 250%.
Quick numbers:
>Market cap: ~$11M
>Futures volume: ~$123M
>Spot volume: ~$8M
>Open interest: ~$14M
Futures volume is running at roughly 11x the market cap, and OI is actually higher than the entire mcap. For a coin this small, that is heavy leveraged interest.
On the long/short side it gets interesting. Binance account ratio sits at 0.60, so most accounts are short. Top trader accounts are at 0.72, but their position ratio is 1.49. In other words, the big players are positioned long.
Funding keeps printing negative. Shorts are paying longs.
Rising spot volume, a crowded short side and OI above mcap is a setup that carries short squeeze potential.
That said, the futures/spot gap is still wide, so the move can stay purely speculative. Whether the volume holds is the key thing to watch.