$ON attempting to form a short-term base around $0.0835 – $0.0880 (24h range: $0.0728 – $0.0941) after suffering a sharp weekly drawdown of roughly -50%. While intraday bounces (+2% to +9%) show early relief buying, the broader structure remains fragile following recent supply unlocks and heavy spot distribution.
High Leverage & Funding Dynamics: Aggregate perpetual Open Interest sits near $22.12M (with ~$7.18M on Binance Futures)—representing an elevated 175.1% OI-to-Market Cap ratio (~$12.6M market cap). Meanwhile, the 8h funding rate sits slightly positive at 0.0147%, indicating traders are cautiously rebuilding long exposure on the dip despite the steep weekly drop.#WhatWillDriveCryptoandStocks’NextRebound? #BinanceSquareFamily
#CryptoAnalysis"
#altcoins
High Leverage & Funding Dynamics: Aggregate perpetual Open Interest sits near $22.12M (with ~$7.18M on Binance Futures)—representing an elevated 175.1% OI-to-Market Cap ratio (~$12.6M market cap). Meanwhile, the 8h funding rate sits slightly positive at 0.0147%, indicating traders are cautiously rebuilding long exposure on the dip despite the steep weekly drop.#WhatWillDriveCryptoandStocks’NextRebound? #BinanceSquareFamily
#CryptoAnalysis"
#altcoins