SOON lost 15% of its capital in just 24 hours, signaling strong bearish pressure on the token. Despite this sharp drop, the asset has surged 35% over the past week, hinting at a possible corrective phase rather than an outright crash.
Capital Drains Across Perpetual and Spot Markets
The outflow primarily stems from a significant contraction in both the perpetual and Spot markets. CoinGlass data reveals a $58 million capital exit from the perpetual market within one day, with a net outflow of $1.85 million reported simultaneously. Spot market activity mirrored this trend, showing approximately $306,000 in net selling during the same period.
Over the last ten days, investors have been trimming their positions in the Spot market to lock in profits amid the price rally. This sustained capital shrinkage across key trading venues raises concerns about SOON's ability to halt its downward momentum without renewed buying interest.
Binance Traders Buck the Trend by Piling Into Longs
While capital exits weigh on SOON broadly, Binance traders appear undeterred, steadily increasing their long positions in the perpetual market. The Long/Short Ratio shared by CoinGlass indicates Binance's top and retail traders hold more buy-side volume, with Binance accounting for $50.83 million in volume and $10.02 million in Open Interest.
Despite this, the overall market Long/Short Ratio dipped below 1 to 0.98, reflecting a slight edge for short sellers over the last day. The divergence between Binance's bullish stance and the broader market's bearish tilt shows the uncertainty hanging over SOON's near-term outlook.
This content is for informational purposes only and does not constitute financial advice.
