Virtual Protocol [VIRTUAL] has been facing a challenging time in the market, with the token’s price plummeting by more than 20% in just the past week. This significant decline highlights the ongoing struggles that VIRTUAL is experiencing in the broader cryptocurrency market.
Analysts suggest that the downward trend may not have reached its bottom yet, as more bearish indicators continue to emerge. Despite the market sentiment being negative, there have been interesting movements by large entities who have been acquiring significant amounts of VIRTUAL. This accumulation of the asset by major crypto players suggests that there may be underlying motives driving their actions, which are not necessarily aligned with the general market sentiment.
One of the key factors contributing to the recent decline in VIRTUAL’s price is the sharp drop in liquidity, particularly in the derivatives market. Open Interest data indicates that closed contracts amounted to $9.48 million, with a 5.51% decrease in Open Interest to $172.21 million. Additionally, traders withdrew nearly $8.9 million from the market, reflecting a sense of uncertainty about the future direction of VIRTUAL.
The Open Interest Weighted Funding Rate also reflects the weakening sentiment, approaching the zero mark at 0.0001%. A move into negative territory would indicate a market heavily skewed towards sellers, with short positions dominating open contracts.
Furthermore, the weakness in the memecoin market has also weighed on VIRTUAL’s performance, with the memecoin sector dropping 2.8% in the past week. Despite memecoins being up by 33% monthly, VIRTUAL has fallen by 3.45%, highlighting the impact of the recent correction. DeFi-related factors have also played a role in the token’s slump, as spot volume on decentralized exchanges has significantly decreased, indicating a drop in trading activity.
Interestingly, data from Entity Balance Changes shows that large exchanges have been increasing their holdings of VIRTUAL in recent days. Top exchanges such as Binance and Bybit have added $67 million worth of VIRTUAL to the market. It remains unclear whether this accumulation reflects bullish sentiment or a potential sell-off, which could exacerbate the bearish mood in the market.
In conclusion, VIRTUAL’s performance has been marred by sustained selling pressure in the derivatives market, outflows from DeFi platforms, and weakness in the memecoin sector. Despite these challenges, the accumulation of VIRTUAL by large entities suggests that there may be underlying bullish sentiment in the market, potentially leading to a supply squeeze driven by accumulation. However, the possibility of a major sell-off looms, which could deepen the bearish sentiment in the market. The Benefits of Meditation for Mental Health
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