EDGE declined 11% over 24 hours, driven by capital outflows in the perpetual market and shifting investor sentiment. At the time of reporting, the market sentiment indicator read 0.00, reflecting investor indecision between buying and selling positions.
The perpetual market experienced bearish pressure as perpetual netflows hit -$746,000, indicating more capital left the market than entered. Open Interest fell 10.36% to approximately $20.67 million, representing roughly $2.39 million in capital outflows during the period.
Despite outflows from perpetual markets, the funding rate remained positive at 0.0049%, suggesting traders maintained concentrated long positions.
Spot market activity painted a different picture. Spot traders accumulated EDGE as its price fell, with $1.65 million flowing into spot markets in the last 24 hours. Over the preceding 10 days, spot market netflows reached approximately -$561,000, indicating sustained buying pressure over multiple days despite price weakness.
EDGE showed year-to-date gains of 299% as of the reporting period, which analysts noted may have encouraged longer-term holding among investors.
Liquidity analysis indicated limited downside risk for the asset. While a small cluster of liquidity existed below EDGE's price, larger liquidity clusters positioned above the current price suggested potential for near-term upward movement.
