After reaching a peak of $8 USD, TON's open interest surpassed $240 million. Currently, Bybit dominates 53% of the total open interest, while Binance's share has been gradually increasing since TON launched on Binance Futures shortly after Bybit and Okex entered the market. However, it is crucial to monitor the monthly open interest delta, which shows a weakening trend, possibly due to the closure of leveraged positions by whales and the majority of traders.
Historically, sharp declines in TON's price have occurred when the short-term to monthly open interest delta entered negative territory. This indicator suggests a decrease in risk appetite or a correction in the derivative market, directly influenced by whales and affluent traders, thereby impacting the cryptocurrency's price. Therefore, continuous monitoring of these metrics is essential to understand public interest and sentiment towards TON, providing valuable insights for investment strategies and market decisions.
Written by joaowedson