7.6 hours ago, the $VELVET that was being watched, is now out of focus, and the familiar pattern of sharp rises followed by drops by seasoned traders has returned.

The initial launch price was 0.40725, with a 24-hour increase of 17.36%.
Now the price is at 0.33516, a 17.7% drop after T0, and the 24-hour performance has directly turned into -23.01%.
This contrast is quite significant, indicating that the previous wave of enthusiasm was not sustained.
Open interest (OI) is also declining.
At launch, the open position was $17.6M, now down to $12.2M, a 30.57% decrease from T0.
Moreover, the 1-hour OI is still down 16.2%, which is not just oscillation but more like leverage enthusiasm retreating.
Funding rates have also flipped quickly.
T0 was 0.005%, with long positions paying for two consecutive periods.
Now it’s -0.0335%, with short positions paying for one period, indicating market sentiment has shifted from bullish to somewhat cold.
Trading volume dropped from $385.1M to $333.9M, and taker fees decreased from 1.05 to 0.96.
The long-short ratio went from 0.67 to 0.77, and the long position share increased from 40% to 44%, but the price and OI are not aligned.
This situation shouldn’t be judged solely by the number of traders; pay attention to whether trading volume can pick up again and whether OI continues to decline. If enthusiasm doesn’t return, it’s still a retreating market.
#VELVET Trend
Generated with Claude Opus 4.8. AI may make mistakes; information is for reference only.