LayerZero [ZRO] rose by 12% recently, with Binance traders playing a central role in driving the asset's gains. The broader upward movement has been supported by a surge in buying volume across the perpetual market for ZRO.
Perpetual market volume for ZRO reached approximately $279 million over a 24-hour period, with a Long/Short Ratio of 1.56, indicating that market volume was largely driven by long traders. CoinGlass data showed that Binance accounted for the majority of the positions, with an OI-Weighted Funding Rate of 0.0066% that pointed to dominant bullish positioning.
Binance controlled the highest volume among cryptocurrency exchanges at $92.36 million, representing more than 32% of the total volume. Data indicated that Binance retail traders, whales, and smart money participants were all aligned with bullish positioning, holding a 4.47 Long/Short Ratio among larger accounts.
Despite the rally, liquidation activity highlighted risks associated with bullish positioning. Binance long traders lost approximately $74,380 over a 24-hour window, outpacing short traders who lost $47,500. Across the broader market, long position losses exceeded $141,281 during the same period.
Additionally, spot market data indicated that selling pressure remains a risk for ZRO's near-term performance. Netflow data showed a steady cash-out trend from traders, with roughly $2.52 million in Netflow and a cumulative total of approximately $9.07 million in Netflow over a ten-day period, confirming that sellers remain active.
