VeChain Soars 20% as Trading Volume & Open Interest Explode – Bull Run Loading?

VeChain rockets past resistance as whales pile in—20% price surge mirrors a 300% open interest spike. Are we witnessing a supply squeeze or just another leveraged casino?

Behind the pump: Surging derivatives demand meets dwindling exchange reserves. The VET rally coincides with record-breaking trading volume, suggesting institutional players might finally be waking up to enterprise blockchain's dark horse.

Cynical trader's note: Nothing solves 'bear market blues' like a well-timed altcoin pump—just don't ask about the 90% retail traders who'll chase this top.

VeChain Registers Big Volume And Open Interest Spike

According to CoinGlass data, VeChain’s (VET) volume has risen by 44.57%. The cryptocurrency analysis platform further shows that open interest (OI) for the asset has increased by 6.73%. The figures signal a rise in investor interest in the asset. The rise in interest could be due to the wider market experiencing a bullish turnaround.

VET’s rally and rise in interest could be tied to Bitcoin (BTC) hitting a new peak. BTC ETFs have seen massive institutional inflows over the last month. The surge in institutional money may have propelled the latest crypto market rally.

While Bitcoin (BTC) has hit a new all-time high, VeChain (VET) is down by more than 91% from its peak of $0.281. VET hit its all-time high on Apr. 19, 2021, more than four years ago.

Given the spike in volume and open interest, VeChain (VET) may continue its rally over the coming weeks. The asset could face a correction if BTC’s price dips. BTC is the market leader, and other assets often follow its trajectory. VET falling below $0.02 could lead to a rise in investor worry.

While the crypto market is looking good at the moment, how things pan out is yet to be seen. We may face a dip if investors decide to book profits. The steady ETF inflows may provide some cushioning to a potential market dip.