Key Takeaways:
- VELVET fell 37% as $32.33 million in leveraged capital exited the market
- Funding rate turned negative to -0.0314% as short traders dominated positioning
- Spot outflows of -$357,000 suggested accumulation despite bearish derivatives
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Velvet crashes 37% as shorts seize control and whale activity surges
Velvet fell 37% on July 24 as $32.33 million in leveraged capital exited the perpetual market and short positioning intensified, according to CoinGlass data.
"The decline in leveraged capital weakened VELVET's derivatives market and left price support increasingly dependent on spot demand," CoinGlass data showed.
Whale vs Retail Delta climbed to 0.098, one of the highest readings this year, confirming elevated whale participation during the sell-off. The Funding Rate dropped to -0.0314%, with short traders paying longs to maintain positions — the most negative reading since June 29. Before that decline, positive Funding Rates showed that long positioning dominated the market. Afterward, positive readings remained close to neutral, suggesting that bullish leverage had weakened considerably.
The sell-off resembled DeXe's 87% crash after both tokens previously led the market's gainers. Across 15 days, total leveraged outflows reached $516 million, while Netflow stood at approximately $16.1 million. Net outflows over the past day hit $1.55 million.
Despite the crash, VELVET retained a 367% gain over the past 90 days. Spot Netflow fell to -$357,000, showing that exchange outflows exceeded inflows — a pattern that may indicate accumulation because tokens leaving exchanges become less immediately available for sale. Over seven days, Spot Netflow reached -$1.03 million, maintaining the pattern of net exchange outflows.
Sustained spot demand could cushion VELVET's decline, though weak derivatives positioning may delay a broader recovery. If the pattern from late June repeats, limited long positioning could reduce the likelihood of a leverage-driven rebound.
This article is for informational purposes only and does not constitute investment advice.
