$JCT that I was watching 7.9 hours ago has now cooled off. This move from 0.007185 back to 0.006571 has already retraced 8.55%—it’s not just a minor shake.

The key point is very straightforward: prices are cooling down, and open interest has also dropped from $14.1M to $12.8M, down 8.78%, with signs of retreat in high-position holdings.
The funding rate fell from +0.1093% to +0.0697%, but longs have still been paid for 8 consecutive periods. Trading volume, however, rose from $80.3M to $129.6M, and the Taker moved from 0.96 to 1.08—showing the market is still hot, but no longer a one-way tailwind.
The view is crystal clear: $JCT isn’t a realization—it’s a tug-of-war at higher levels after the heat has ebbed, with risks more glaring than at the initial launch. #JCT
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