The most awkward part about this market $OPN is that the spot hasn't really blown up, but the futures are heating up first.
The spot trading volume in 24h is only $3.12M, while the futures have already hit $13.02M, a straight 4.2x.
This contrast makes me a bit nervous.
Because the spot price right now is at $0.0805, only up 9.52% in 24h, with a high of $0.0808, not too far from the intraday low of $0.0697.
But the futures are boosting the sentiment, indicating that today's entry into the leaderboard isn't just about 'someone buying a bit of spot', but more like some short-term funds are testing the waters, trying to create some hype.
What's more subtle is that the funding rate is only +0.0050%.
This number isn't exaggerated, showing that there is bullish sentiment, but it hasn't reached that overly crowded fever pitch yet.
However, the open interest has already climbed to 82,784,079 OPN.
This feels a bit like when you’re trying to perfect a chart during the day until you're dizzy, and then you come home to find all the lights on in the living room, but there aren't many people inside; the atmosphere is there, but the real support still needs to be seen.
So my take on $OPN is that the reason it made the leaderboard today is primarily because the futures have pushed up the attention first, with the spot volume following along, leaning more towards an emotionally driven bullish sentiment rather than a solid, gradual rise.
If the spot volume doesn’t keep up later on and it’s just the futures causing the buzz, I personally wouldn’t chase it.
If it can hold steady near the highs and not quickly drop back below the intraday high of $0.0808, that would indicate someone is willing to buy in at this level.
Right now, I'm leaning towards a wait-and-see approach, not in a rush to jump in.
Doudou was just sitting on my keyboard, and while I was petting it, I was looking at this coin, and the more I saw, the more I felt it’s 'hot', but not hot enough to make me comfortable.
For the ladies looking to trade, don’t just look at the gains leaderboard; keep an eye on whether the spot is continuing to increase in volume. If you lose, don’t blame me; if you profit, please buy me a coffee. $OPN #OPN
The spot trading volume in 24h is only $3.12M, while the futures have already hit $13.02M, a straight 4.2x.
This contrast makes me a bit nervous.
Because the spot price right now is at $0.0805, only up 9.52% in 24h, with a high of $0.0808, not too far from the intraday low of $0.0697.
But the futures are boosting the sentiment, indicating that today's entry into the leaderboard isn't just about 'someone buying a bit of spot', but more like some short-term funds are testing the waters, trying to create some hype.
What's more subtle is that the funding rate is only +0.0050%.
This number isn't exaggerated, showing that there is bullish sentiment, but it hasn't reached that overly crowded fever pitch yet.
However, the open interest has already climbed to 82,784,079 OPN.
This feels a bit like when you’re trying to perfect a chart during the day until you're dizzy, and then you come home to find all the lights on in the living room, but there aren't many people inside; the atmosphere is there, but the real support still needs to be seen.
So my take on $OPN is that the reason it made the leaderboard today is primarily because the futures have pushed up the attention first, with the spot volume following along, leaning more towards an emotionally driven bullish sentiment rather than a solid, gradual rise.
If the spot volume doesn’t keep up later on and it’s just the futures causing the buzz, I personally wouldn’t chase it.
If it can hold steady near the highs and not quickly drop back below the intraday high of $0.0808, that would indicate someone is willing to buy in at this level.
Right now, I'm leaning towards a wait-and-see approach, not in a rush to jump in.
Doudou was just sitting on my keyboard, and while I was petting it, I was looking at this coin, and the more I saw, the more I felt it’s 'hot', but not hot enough to make me comfortable.
For the ladies looking to trade, don’t just look at the gains leaderboard; keep an eye on whether the spot is continuing to increase in volume. If you lose, don’t blame me; if you profit, please buy me a coffee. $OPN #OPN