FET plunged about 12% recently, weighed down by aggressive selling from large holders. This persistent pressure pushed open interest in its perpetual contracts down roughly 5%, now hovering near $71 million a precarious level signaling potential further declines.
Trading volume surged 97% to $162 million as bears dominated, with falling price and open interest typically hinting at continued capital outflows. Meanwhile, spot investors haven’t stepped back, snapping up nearly $9 million worth of FET within the last day alone. This buying spree has been steady over the past two weeks, accumulating roughly $47.3 million in total purchases.
Whale Moves Versus Retail Accumulation
On-chain data points fingers at whales as the main force dragging prices lower, likely deleveraging from their positions. Longs lost about $1.13 million in the past 24 hours, while shorts stayed unscathed. The Long/Short ratio on an account level nudges just above 1, indicating balanced but cautious buying interest.
Spot demand seems driven by investors viewing the dip as a bargain entry, as netflows over the last fifteen days show sustained accumulation despite the price slump. This tug of war between big sellers and steady buyers creates a volatile landscape for FET.
Such dynamics recall challenges seen in other sectors where regulatory delays have rattled markets, like the US Clarity Act stall, which has impacted institutional confidence. While FET wrestles with whale selloffs, persistent spot buying underlines confidence among retail traders or smaller investors eyeing future gains.
This content is for informational purposes only and does not constitute financial advice.
