Optimism (OP) Struggles as Open Interest Stabilizes Near Lows
The post Optimism (OP) Struggles as Open Interest Stabilizes Near Lows appeared on BitcoinEthereumNews.com.
Optimism (OP) continues to face downside pressure as the token trades near its monthly lows, with derivatives data showing muted risk-taking and spot-market metrics confirming significant 24-hour losses. While the asset attempts to consolidate around the $0.30 level, market signals remain fragile across open interest, liquidity, and technical indicators. Open Interest Holds Flat as Market Sentiment Remains Weak Derivatives positioning for OP shows limited activity following a multi-day decline. The aggregated open-interest chart indicates levels fluctuating around 50.6M–50.7M, marking a period of stabilization after a notable unwinding earlier in the week. The reduction in volatility across open interest suggests that liquidations have cooled, but it does not yet reflect new capital entering the market. Source: Open Interest With price action trending downward for most of the observed period, the flat behavior in open interest implies reduced conviction from both buyers and sellers. The absence of new long exposures reinforces the view that derivatives traders are waiting for a clearer direction before increasing risk. Short-term price bounces around $0.30 have not attracted measurable leveraged participation, underscoring the overall caution in the market. Data Shows OP Down 14.62% as Market Cap Drops to $570M On one hand, BraveNewCoin data highlights the extent of OP’s recent pullback. The coin is currently priced at $0.30, marking a 14.62% decline over the past 24 hours. Market capitalization has slipped to $570,200,216, while 24-hour trading volume stands at $183.59, indicating heightened sell-side activity during the downturn. The price range over the most recent session shows the token oscillating between $0.2801 and the low $0.30 region, with no sustained attempts to push higher. The broader trend underscores weakening sentiment around the token, and the declining market cap reflects reduced confidence among participants. Despite the notable volume spike, most inflows appear tied to exits rather than accumulation. This…
