$OP is up 4.6 percent at 0.1301, and it is the first session in four where anyone showed up.
The three sessions before this one traded 5.55, 4.36 and 4.24 million against a thirty day average of 9.53 million. The current rolling twenty four hours is 10.22 million, 1.07 times the average, across 103,876 trades.
That matters because of what came before it. On 13 October the token printed a 21.1 percent session and tagged 0.1610. Five of the six sessions between 14 and 19 October closed red, and the week is down 17.92 percent. The high of the whole thirty day window came the next day at 0.1625, and spot is 19.9 percent under it and 17.2 percent above the 0.1110 low of 8 October.
Funding says the same thing from the other side. Eight of the last twelve settlements were negative, including a run of four between minus 0.0097 and minus 0.0173 percent. The last two flipped positive at 0.0048 and 0.0085. Shorts were collecting through most of the slide and are paying now.
Open interest has not followed the bounce. It reads 148.1 million tokens against 147.9 million a day ago, flat, and 160.3 million thirty days ago. A 4.6 percent move on unchanged open interest means the bid came from spot, not from new leverage.
The structure turned on this candle, a higher high after a run of lower highs and lower lows, with 0.1259 underneath and 0.1476 the first real resistance above.
Follow for the on-chain and derivatives numbers behind each move.
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