SPX6900 Surges 18% Amid Crypto Market Recovery, But Whales May Be Exiting

SPX6900 rallied sharply by 18% to $1.24, buoyed by improving crypto sentiment as geopolitical tensions eased. Trading volume exploded 85.8% to $161 million, with derivatives activity driving much of the momentum—open interest jumped 28.5% as traders piled into long positions.

Beneath the surface, warning signs emerge. The token's rebound hinges on holding $1.20 as support; failure could trigger a drop to $0.95. Whales appear to be quietly offloading positions during the rally, creating divergence between retail enthusiasm and smart money behavior.

Futures markets tell two stories: while the long/short ratio favors bulls, the disproportionate OI growth suggests speculative froth. 'When volume and price diverge from whale accumulation, it's time to question the rally's sustainability,' notes a veteran derivatives trader.