$SUI trades at 0.9927 after a 2.3 percent day, and the quietest tape it has printed in a month is the one where leveraged longs added the most.
Spot turnover came to 29.0 million over the trailing 24 hours against a 30 day average of 97.5 million, so 0.30 times a normal day, spread across 217,227 trades. The 27.6 million booked inside the UTC day so far is already under the quietest full session of the past month, the 40.0 million of 17 September.
Futures went the other way. Open interest rose from 109.7 million tokens yesterday evening to 114.7 million at 18:00 UTC and sits at 113.9 million, a build of 3.8 percent while price was falling. The long short account ratio never left the 1.89 to 1.98 band across those 24 hours. Funding settled positive on each of the last six prints, three of them at 0.0100 percent, so the longs are paying to hold.
Taker flow explains the drift: buyers led in only four of the last ten hours, and the heaviest hour of the day, 12:00 to 13:00 UTC, closed 1.4 percent lower.
The fundamentals barely moved. Chain TVL is 501.3 million against 519.3 million a week ago and 455.8 million a month ago, while stablecoin supply on the network is 502.7 million, almost exactly matching it. The 4.09 billion cap is 8.2 times value locked, and 4.118 billion of the 10 billion total supply circulates.
Price is 10.9 percent lower on the week and 33.9 percent higher on the month. The monthly high of 1.2947 was printed on 27 September.
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Spot turnover came to 29.0 million over the trailing 24 hours against a 30 day average of 97.5 million, so 0.30 times a normal day, spread across 217,227 trades. The 27.6 million booked inside the UTC day so far is already under the quietest full session of the past month, the 40.0 million of 17 September.
Futures went the other way. Open interest rose from 109.7 million tokens yesterday evening to 114.7 million at 18:00 UTC and sits at 113.9 million, a build of 3.8 percent while price was falling. The long short account ratio never left the 1.89 to 1.98 band across those 24 hours. Funding settled positive on each of the last six prints, three of them at 0.0100 percent, so the longs are paying to hold.
Taker flow explains the drift: buyers led in only four of the last ten hours, and the heaviest hour of the day, 12:00 to 13:00 UTC, closed 1.4 percent lower.
The fundamentals barely moved. Chain TVL is 501.3 million against 519.3 million a week ago and 455.8 million a month ago, while stablecoin supply on the network is 502.7 million, almost exactly matching it. The 4.09 billion cap is 8.2 times value locked, and 4.118 billion of the 10 billion total supply circulates.
Price is 10.9 percent lower on the week and 33.9 percent higher on the month. The monthly high of 1.2947 was printed on 27 September.
Follow me for daily on-chain and derivatives breakdowns.
#sui #altcoin #defi #crypto #coinmarketcap