UPDATE #2: Growth of futures OI over the past 15h on CRV and CVX has accelerated tremendously:
OI on $CRV grew $24m to a new high of $255.7m 🚀
The ATH for CRV open interest was on December 6, 2024 @ $307.35m when price hit local high of $1.25
So today CRV futures OI is only $51.6m away from printing a new record high. If current pace of growth is somewhat maintained, a new record high by the end of the week is guaranteed! 📊📈🤯
$CVX added $3.5m to a new high of $18.8m
The rapid rise of futures OI is telling us that big bets are being made on the future growth of CRV due to falling inflation, and CVX by extension as it's close to being fully diluted and trading well under intrinsic value of $8:
UPDATE: Futures Open Interest on $CRV and $CVX continues to increase 📊📈
CRV: +$25m @ $231.7m
CVX: +$3.6m @ $15.3m
Despite the strong price performance of both assets in the previous week, there's barely any short liquidations, which means the real move hasn't even started!
If ETH breaks above $3000 decisively this week on the back of strong ETF inflows, CRV and CVX could see explosive moves once the leverage shorters really start panicking! 😍
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