$VELVET Update 📊
Price is now down 80% from the recent high, and over $70M in Binance Open Interest has been wiped out.
A few minutes ago, 21.4M VELVET (~$10M) was moved from Gate Hot Wallet back to Gate Cold Wallet.
Current positioning looks interesting: • Whale exposure has dropped to $2.8M while Open Interest sits around $10M. • Most whale positions are now short. • Most retail traders remain long.
With most of the long liquidations likely behind us, the chances of a technical bounce are increasing.
I'll be watching closely if liquidity shifts, price could rebound quickly. 👀
Price is now down 80% from the recent high, and over $70M in Binance Open Interest has been wiped out.
A few minutes ago, 21.4M VELVET (~$10M) was moved from Gate Hot Wallet back to Gate Cold Wallet.
Current positioning looks interesting: • Whale exposure has dropped to $2.8M while Open Interest sits around $10M. • Most whale positions are now short. • Most retail traders remain long.
With most of the long liquidations likely behind us, the chances of a technical bounce are increasing.
I'll be watching closely if liquidity shifts, price could rebound quickly. 👀