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SPX6900 Volatility Sparks Concerns as Whales Show Signs of Exiting
SPX6900 Volatility Sparks Concerns as Whales Show Signs of Exiting
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BTCCSquare news:
SPX6900's brief 12% rebound following August 23 market liquidations proved fleeting, with the meme coin resuming its downward trajectory. On-chain data reveals whales are liquidating positions, contributing to a 5% drop in today's session alone.
Derivatives markets flash warning signals, with Open Interest down 6.72% and futures volume plunging 30.34% over 24 hours. The current price-funding rate relationship mirrors June levels when SPX traded at $0.99, suggesting further weakness ahead.
Despite deteriorating technicals, prominent influencer Murad maintains long-term bullish conviction. The token's 24-hour trading volume contraction signals fading buyer interest as SPX6900 struggles to regain momentum after its July 28 all-time high.
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