exchange flows were flat today, nothing crossed in size worth naming. so the read is all in positioning.
the one that stands out: PAXG crowd sitting 74/26 long while gold's own token bleeds 3.2%. that's not conviction, that's a crowd getting run over and not admitting it yet.
SUI's similar, 73/27 long into a 6.3% drop, plus $1.1M quietly left its open interest, small but the direction lines up with the price action for once.
LTC longs are stacked too, 72/28, holding through a 2.8% red day.
what I'd watch tomorrow: whether PAXG longs start folding, that's the most stretched setup here.
NFA
the one that stands out: PAXG crowd sitting 74/26 long while gold's own token bleeds 3.2%. that's not conviction, that's a crowd getting run over and not admitting it yet.
SUI's similar, 73/27 long into a 6.3% drop, plus $1.1M quietly left its open interest, small but the direction lines up with the price action for once.
LTC longs are stacked too, 72/28, holding through a 2.8% red day.
what I'd watch tomorrow: whether PAXG longs start folding, that's the most stretched setup here.
NFA
