It's like an elevator packed with too many people; the buttons get smashed, and the floors don't necessarily arrive right away. $MOVR feels a bit like that today.
Spot price at $1.306, with a 24h high/low of $1.485 / $1.163, and the volatility is significant, but the spot trading volume is only $2.51M, while the futures hit $9.67M, giving a trading ratio of 3.8x. What's even weirder is that the funding rate is still at -0.1465%, with an open interest of 1,375,105 MOVR.
This kind of movement isn’t like slowly buying up; it seems more like emotions lit a fire in the futures first, and then the spot follows. I didn't chase around $1.30, just placed a limit order to short if it drops to around $1.22 to test 2% of my position; if it doesn't bounce back, then so be it. $MOVR #MOVR
Spot price at $1.306, with a 24h high/low of $1.485 / $1.163, and the volatility is significant, but the spot trading volume is only $2.51M, while the futures hit $9.67M, giving a trading ratio of 3.8x. What's even weirder is that the funding rate is still at -0.1465%, with an open interest of 1,375,105 MOVR.
This kind of movement isn’t like slowly buying up; it seems more like emotions lit a fire in the futures first, and then the spot follows. I didn't chase around $1.30, just placed a limit order to short if it drops to around $1.22 to test 2% of my position; if it doesn't bounce back, then so be it. $MOVR #MOVR