The on-chain data of RDDT this wave is making my scalp tingle.

The open interest has surged 21% in 24 hours, while the price only moved 3.38%, this ratio doesn't seem right. Large on-chain transfers are also piling up, clearly someone is quietly building positions, not the typical retail trader approach.

I watched the market for half an hour, and I only have one feeling—this doesn't look like random fluctuations, more like smart money testing the waters. On-chain data reacts before the price, I've caught this signal a few times before, and big moves followed.

Honestly, RDDT's position is quite awkward. It needs a volume-confirmed bullish candle to go higher, but if it drops, someone is stepping in to support.

Open interest has surged but the price hasn't kept up, indicating both bulls and bears are adding positions, neither willing to let go first.

I don't have any orders now, just watching this change in open interest with a blank stare.

For this kind of on-chain anomaly, I usually mark it first, wait for the price to confirm the direction before acting. Chasing the top or bottom has cost me too much, I've learned my lesson—data gives you signals, but execution depends on candle confirmation.

Do you think this wave of RDDT is smart money building positions, or big players laying out for a harvest?

Earlier, during the early morning, the Fed's FOMC kept interest rates unchanged, but Waller abandoned the forward guidance, removing a key anchor for the market.

In this macro environment, on-chain data anomalies are more worth being cautious about—funds may shift from traditional valuation logic to on-chain signals betting, and the volatility of copycat projects like RDDT could be even more intense #我的Gate交易时刻 than expected.