Op is a project that recently had a sizable torken unlock and every aspect of onchain data is pretty bad for the OP. In this article, we will only focus on the OP’s derivative transaction because onchain always has a certain delay. The first is that OP’s OI and Vol have started to skyrocket since May 29 to now today, June 3. Open interest increased from 90 to 135 million dollars as of today. However, the volume has increased from more than 100 million to more than 1.1 billion in the afternoon on the night of May 31 (h1), now it has decreased to more than 300 million. This shows that the trading volume has decreased considerably. Next will be the OP’s funding showing that after the dump on the night of the 21st, there was a lot of effort to push the price up again leading to fd rising again (h2). RV3 level is tending to return to the old support zone on the night of the 29th before a dump on the 31st (h3). CVD continuously decreased while OI was still kept at a fairly high level, showing that the selling pressure from short positions was still quite strong at 9h4) . Next in terms of link center when OP has had 4 months of continuous reduction, it will usually be over 3 times busy and this has entered the 5th month Conclusion Unlocking does not mean that the project will return to the ground and the OP is still quite attractive to the derivatives market, MM will soon have a short liquidation.
Source: Collector
