STRK's 20% Hike

STRK, a popular altcoin, experienced a 20% surge in 24 hours, driven primarily by strong long positioning and higher Open Interest in the perpetual market. The perpetual-to-spot volume ratio also showed a notable dominance of perpetual volume, indicating strong market momentum.

Market Momentum

With long volume dominating overall activity, buyers could push the rally even further. The wider perpetual market activity seemed to support this flow too. In fact, Coinglass reported a significant hike in Funding Rates, with the same moving from -0.0015% to 0.0055%. This move implied that after a brief selling trend, traders of STRK contracts might be mostly positioned for a long trend.

Profit-Taking in the Spot Market

In the spot market, there seemed to be some profit-taking activity. The Spot Net Inflow, which tracks the buying and selling of an asset across multiple centralized cryptocurrency exchanges, confirmed this too. 8th October's Spot Net Inflow was valued at $367,000 at press time. While the Spot Net Inflow stayed positive on 8th October, the last four days have been a consecutive buying-led market. The cumulative Netflows over the past five days, which accounted for the 8th October flow, reached roughly $5.89 million. This could be considered profit-taking for the time being, especially given the surge.