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IRYS is up 58% in a day, but I think this trading volume is a bit excessive.
24-hour futures trading volume was $165 million, while OI was only about $8.15 million.
That means trading volume is roughly 20 times the value of current open positions.
📊 A few figures:
Price: $0.02043
High: $0.02237
24H change: +57.64%
Funding rate: +0.005%
This volume shows heavy short-term turnover, but it doesn't mean $165 million in new money came in.
One more thing: 74.79 million IRYS tokens are expected to unlock on October 25, worth about $1.53 million at the current price.
An unlock doesn't mean a sell-off, but we need to keep an eye on where these tokens go afterward.
For now, I lean toward short-term traders fueling the hype.
The project is building AI data infrastructure, which is a solid direction, but after such a big one-day gain, I haven't found any major news that could explain this surge.
Going forward, the main things to watch are whether spot trading volume can keep up and where the funds go after the unlock.
This rally can't be considered stable if it's driven only by futures trading.$IRYS