TON and other altcoins have been performing poorly in recent days.
The main factors associated with this are that the majority of their leveraged positions are longs.
- Just today, liquidations in TON already represent over 3% of the aggregate open interest, approximately $8 million in liquidations over the last 24 hours.
- The Long/Short Ratio of TON is close to 4, meaning a large number of longs are open on Binance and other exchanges.
- The funding rate is negative, indicating that greater short pressure has emerged in recent hours, forcing long liquidations and seeking stops.
