The SAGA contract OI/market value ratio has risen to 2.48, with contract OI increasing by over 43% in 24 hours.
BlockBeats News, on May 26, according to Coinglass data, as of 14:13 (UTC+8) on May 26, the total SAGA contract open interest across the network was approximately 21.72 million USD, with a circulating market capitalization of about 8.77 million USD, and the OI/market cap ratio rose to around 2.48.
In the past 24 hours, SAGA contract open interest increased by about 43.1%, and the coin price rose by around 10.6%. The current weighted funding rate is approximately +0.0074%, which is within a relatively moderate range.
This structure indicates that SAGA derivative positions are significantly crowded relative to the spot market capitalization, increasing the risk of short-term volatility. It is important to note that a high OI/market cap does not necessarily equate to a unilateral bullish or bearish sentiment, and could also trigger intense liquidations on both the long and short sides.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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