17h ago
It has been a fairly interesting time in our market, where people are overlooking how much open interest is fluctuating over a very short period of time after the 10/10 wipeout.
Market is still licking its wounds from the event and we've taken a bit longer to digest the pain.
The chart in blue represents altcoin open interest, notably 10-15% moves on altcoin OI across just a few days in either direction.
A lot of churn happening in very short order, yet people are not giving enough credit to the price wipeout.
This is a good reminder that altcoin market cap outside of BTC, ETH, and stablecoins, has cratered back to the lows while BTC remains in a slightly healthier range.
The churn always always always happens on alts.
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