Injective [INJ] gained 10% in early trading on October 10 as bullish activity intensified across major exchanges. Perpetual buying pressure and spot exchange outflows supported the price movement, with traders demonstrating renewed interest in the asset.
On-chain metrics reflected the buying momentum. The Taker Buy/Sell Ratio reached 1.14 over the preceding four hours, indicating that taker buying volume exceeded selling volume. Across exchanges including Binance, Bybit, Gate, BingX, Bitunix, and Hyperliquid, buying accounted for more than half of recorded volume.
Open Interest in INJ perpetuals increased by $34.88 million to $164.24 million over 24 hours, expanding the pool of outstanding contracts. The OI-Weighted Funding Rate stood at a positive 0.0160%, showing that long positions were paying shorts—a signal of bullish positioning bias.
Spot exchange flows added to the bullish picture. Cumulative Spot Netflow reached approximately -$1.6 million over five days, with -$311,000 in outflows recorded on October 11. Negative netflows indicate more INJ left exchanges than entered them, potentially reducing readily available supply. However, exchange withdrawals alone do not confirm fresh purchases.
Beyond trading metrics, Injective published an updated white paper outlining its finance-focused development plans. The network also released an INJ white paper under Europe's Markets in Crypto-Assets Regulation (MiCA), a regulatory process separate from U.S. Securities and Exchange Commission oversight.
ETF applications for INJ submitted by 21Shares and Canary represent another potential catalyst for investor interest. Injective CEO Eric Chen previously suggested an ETF launch could occur before 2027.
While the combination of increased leverage, buying pressure, and development announcements supported the rally, sustaining upside would depend on whether demand holds beyond the initial move.
