Crypto▼ Bearish
SOON Slips 15% in a Single Day, Binance Traders Stack Longs
SOON dropped 15% in 24 hours as $58 million left perpetuals. On Binance, top traders are accumulating longs, funding rate stays positive, setting up a potential squeeze.
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SOON [SOON] dropped 15% in 24 hours, pushing capital out of both spot and perpetual markets. The decline follows a 35% weekly gain, leaving the market split between bearish price action and bullish positioning on the exchange that holds the largest share of open interest.
CoinGlass data shows open interest in SOON perpetuals fell by $58 million over the past day. Net outflows from the perpetual market reached $1.85 million in the same window. The spot market recorded roughly $306,000 in net selling. The selling has been a consistent theme over the past 10 days as investors took profits during the rally.
On Binance, the picture is different. Binance holds $50.83 million in total volume and $10.02 million in open interest for SOON. The Long/Short Ratio on the exchange sits above 1, meaning buy volume exceeds sell volume among both top traders and retail users. The ratio specifically tracks whether perpetual-market volume tilts toward longs or shorts.
The broader market tells a different story. The overall Long/Short Ratio across all exchanges has slipped to 0.98, a slight edge for short sellers over the past 24 hours.