3.7 hours ago, the $JCT that was watched was still pulling back, the market looked like it just saw a large transfer and everyone was waiting for the next candle to give an answer.

The reason is that it was already very hot when it first launched, with a 24-hour increase of 55.95%, priced at 0.006993, with an open interest of $14.0M.
Now the price has risen to 0.007172, 2.56% higher than T0, but the 24-hour increase has dropped to 48.7%, indicating it’s not a one-way acceleration but a tug-of-war at high levels.
In terms of action, positions are still increasing.
Open interest has risen from $14.0M to $15.0M, and after T0, it added another 7.55%, with 24-hour OI still up 63.6%.
This is like the liquidity level hasn't receded, but more people are in the water, making volatility easier to amplify.
The market’s most critical response is the funding rate.
It increased from 0.0443% to 0.0681%, and it’s still eight consecutive periods where longs are paying, meaning long positions are more expensive.
The Taker rate changed from 0.97 to 1.02, indicating active buying and selling just slightly shifted toward buyers, but the long-short ratio dropped from 1.33 to 1.28, and the top account long-short ratio also fell from 1.52 to 1.47, showing sentiment is not continuing to pile on in one direction.
So, this review’s conclusion is very clear: it’s not profit-taking or shutting down, it’s high-level tugging.
Next, just watch these few numbers: whether the price can reapproach the high of 0.008272, whether OI continues to pile above $15.0M, whether the funding rate keeps rising, and whether the Taker can stay above 1 steadily.
#JCT
Written with the assistance of the Claude Fable 5 model; this is not investment advice, please judge independently.