AVAX's fall was spot inventory leaving, not leverage getting flushed.
Six straight hours of taker selling in $AVAX never printed a buy/sell ratio above 1, bottoming at 0.48 overnight into Nasdaq's AI-chip slide. Sellers crossed the spread; passive bids took it.
My ratio: AVAX perp open interest is 12.5 million dollars against 32.2 million of 24h spot turnover, or 0.39x. $HYPE runs 106.4 million against 43.5 million, or 2.45x. Six times the contract money per dollar of turnover.
Funding agrees. AVAX longs pay 0.005% per 8h; the 0.01% baseline that $HYPE and $BTC sit on charges full rent into a 3.9% and a 2.1% drop. Nobody bids to stay long here.
I am waiting, no exposure. If funding climbs back above 0.01% and open interest doubles while price holds, I flip this read to a queue forming.
Thin book, half-price rent, sellers crossing the spread: almost nothing left to force out.
Data as of today. Not financial advice.
Does a 0.39x book mean AVAX has no forced sellers left, or no buyers left to lift it?
#Avalanche #AIChipSlumpNasdaq #BinanceSquare
Six straight hours of taker selling in $AVAX never printed a buy/sell ratio above 1, bottoming at 0.48 overnight into Nasdaq's AI-chip slide. Sellers crossed the spread; passive bids took it.
My ratio: AVAX perp open interest is 12.5 million dollars against 32.2 million of 24h spot turnover, or 0.39x. $HYPE runs 106.4 million against 43.5 million, or 2.45x. Six times the contract money per dollar of turnover.
Funding agrees. AVAX longs pay 0.005% per 8h; the 0.01% baseline that $HYPE and $BTC sit on charges full rent into a 3.9% and a 2.1% drop. Nobody bids to stay long here.
I am waiting, no exposure. If funding climbs back above 0.01% and open interest doubles while price holds, I flip this read to a queue forming.
Thin book, half-price rent, sellers crossing the spread: almost nothing left to force out.
Data as of today. Not financial advice.
Does a 0.39x book mean AVAX has no forced sellers left, or no buyers left to lift it?
#Avalanche #AIChipSlumpNasdaq #BinanceSquare
