3.6 hours ago, the $VELVET that was in focus is now out of action.

The worst part isn't the pullback, but that it has slipped out of the top trending ranks.
Don't just look at its 4.6% increase and think it's still strong.
The T0 increase was 17.36%, now it's only 4.6%, with a retracement of 12.76 percentage points.
The price also dropped from 0.40725 back to 0.38965, a 4.32% decline after T0.
It's even more obvious in the sector.
At T0, it ranked first, still in the hot group with BTW, STG, and VELVET.
Now $VELVET has fallen to 26th place, with STG, BTW, and BEAT taking the top spots, indicating short-term attention has been taken by other contracts.
The order book isn't completely empty, but the structure isn't as clean.
Open interest dropped from $17.6M to $16.8M, a 4.57% decrease after T0, and 24-hour OI is also down 13.0%.
Trading volume decreased from $385.1M to $350.1M, a 9.09% drop.
Taker fee increased from 1.05 to 1.18, buyers are still actively trading, but the funding rate remains at 0.005%, and it has turned into three consecutive periods of long paying, indicating long-term costs are still present.
This looks more like a tug-of-war after the heat has cooled off, not a clean profit-taking market.
If later the price reclaims above 0.40725 and OI significantly rebounds from $16.8M, squeezing back into the top ranks, then this assessment of out of action should be reconsidered.
#VELVET Trend
Written with the assistance of Claude Opus 4.8 model; not investment advice, please make your own judgment.