If you're still adding leverage after the move already happened, stop now. That is how a clean trade turns into a donation.
Most of the damage in perps is not the first candle. It is the chase. You missed the entry, the chart looks obvious, and borrowed size feels like the only way back in. Then the book gets crowded and there is no graceful exit.
Open interest on this perpetual sat at 72.4 million tokens at 18:00 UTC yesterday and reads 245.9 million now, up 239.7 percent. In dollars that is 2.8 million to 14.7 million. Bulls will call it confirmation, the same late surge people romanticize on $BTC, $ETH, and $SOL when a trend still has room. I don't buy that read here. Leverage arrived after the move, not before it. Price did the work. Open interest showed up once the easy part was gone, which usually means late longs, not quiet accumulation.
Continuation is still possible if real demand keeps lifting spot. A near-tripling of open interest after the fact is still a liquidation map more than a vote of confidence. I'd rather miss the last push than fund someone else's exit.
Fuel for another leg, or just inventory for the next flush?
#OpenInterest #CryptoTrading #Perpetuals
Most of the damage in perps is not the first candle. It is the chase. You missed the entry, the chart looks obvious, and borrowed size feels like the only way back in. Then the book gets crowded and there is no graceful exit.
Open interest on this perpetual sat at 72.4 million tokens at 18:00 UTC yesterday and reads 245.9 million now, up 239.7 percent. In dollars that is 2.8 million to 14.7 million. Bulls will call it confirmation, the same late surge people romanticize on $BTC, $ETH, and $SOL when a trend still has room. I don't buy that read here. Leverage arrived after the move, not before it. Price did the work. Open interest showed up once the easy part was gone, which usually means late longs, not quiet accumulation.
Continuation is still possible if real demand keeps lifting spot. A near-tripling of open interest after the fact is still a liquidation map more than a vote of confidence. I'd rather miss the last push than fund someone else's exit.
Fuel for another leg, or just inventory for the next flush?
#OpenInterest #CryptoTrading #Perpetuals