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SPX6900 Plunges 10% Amid Short Selling Surge, Spot Traders Attempt to Stabilize
SPX6900 Plunges 10% Amid Short Selling Surge, Spot Traders Attempt to Stabilize
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BTCCSquare news:
SPX6900 suffered a sharp 10% decline on July 1st, extending its weekly losses to 7.25%. The downturn was exacerbated by a surge in short positions, with derivatives traders driving the memecoin's funding rate into negative territory at -0.0183%.
Open interest dropped 7.16% to $113.02 million as capital fled both long and short contracts. Liquidation data revealed longs bore the brunt, with $176,010 of the $199,030 liquidations coming from bullish positions.
Despite persistent spot accumulation, chart structure suggests further downside risk. A potential rebound now hinges on retail investors' ability to generate sufficient demand to counter derivative market pressures.
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