Long positions are increasing, but the price isn't following. The spot for $SPK is only $0.0212, with a 24h rise of 10.17%, peaking at $0.021454, and trading volume at $3.67M; meanwhile, the futures have already hit $8.50M, giving a futures/spot ratio of 2.3x, with an open interest (OI) of 189,851,319 SPK. The leaderboard is climbing, not because of fierce spot buying, but because leverage has heated up the sentiment first.
I'm not chasing it now; I'll place a buy order around $0.0202 for a small entry, only 2% of my position. The reason is straightforward: the funding rate is still -0.0009%, indicating that short-sellers haven't fully exited, yet the price hasn't been slammed down. This kind of structure is prone to whip-saws. Either the spot continues to gain volume and drags the futures up, or the OI needs to drop a bit, squeezing out the short-term positions first.
For these types of coins, I only look at the trading structure, not the story. What do you all think about $SPK —are the spots taking over, or is it the futures driving the action? $SPK #SPK
If I lose, don't cue me; if I profit, buy me a coffee.
I'm not chasing it now; I'll place a buy order around $0.0202 for a small entry, only 2% of my position. The reason is straightforward: the funding rate is still -0.0009%, indicating that short-sellers haven't fully exited, yet the price hasn't been slammed down. This kind of structure is prone to whip-saws. Either the spot continues to gain volume and drags the futures up, or the OI needs to drop a bit, squeezing out the short-term positions first.
For these types of coins, I only look at the trading structure, not the story. What do you all think about $SPK —are the spots taking over, or is it the futures driving the action? $SPK #SPK
If I lose, don't cue me; if I profit, buy me a coffee.