PENGU took a rough hit today, dropping around 11% and leading the losses across the top 100. On the surface it looks like sellers are in full control, especially with a big flush in derivatives — nearly 20% of Open Interest gone and long positions getting washed out.
But the picture isn’t as one-sided as it seems.
While some exchanges saw capital rushing out, Binance tells a different story. It’s still holding the bulk of OI and traders there are leaning noticeably bullish, with the Long/Short ratio sitting well above neutral. Funding has even flipped positive, which usually means long positions are the ones stepping up.
Spot buyers are quietly active too. Over the last two days, more than $2M has flowed in, with December 10th carrying most of that momentum. Even today, accumulation hasn’t stopped.
Feels like one of those moments where price looks weak, but the underlying behavior hints at traders preparing for the next move rather than abandoning the asset. Short-term shakeout, maybe — but definitely not a market that’s given up.
