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DEEP continues to rally, backed by buy volume. However, short positions in the market are posing a risk.
Deep Book gained 12% as its combined Spot and Perpetual Volume surged more than 77% to roughly $23 million. The rise brought more traders into the market.
However, CoinGlass data showed whales and retail traders leaning bullish while Smart Money took an “Extremely Bearish” position. CoinGlass recorded Long/Short Ratio readings of 2.12 for retail traders and 1.12 for whales. Both readings of DeepBook pointed to a bullish lean within those groups. Smart Money traders, meanwhile, took the opposite side.
Their “Extremely Bearish” reading raised a question about how much support DEEP’s rally had across market participants. That disagreement matters more than the label itself. The next set of market-wide readings showed a narrower bullish edge. Across the tracked trading venues, longs accounted for 50.7% of volume, against 49.3% for shorts.
Buyers held an edge, but only a small one. The Funding Rate had also dipped below zero on the 14th and 23rd of September before returning to positive territory. Those earlier reversals leave room for another rebound, though they do not establish that a short squeeze will follow. For now, DEEP’s rally has buyers behind it, but conviction remains uneven.
Whether the Funding Rate recovers may help show if the disagreement is fading. DeepBook rose 12% as Spot and Perpetual Volume increased, while retail traders and whales leaned bullish. AMBCrypto was founded in 2018 with a mission to simplify and bring the latest blockchain and cryptocurrency news to our readers. We have quickly grown into the digital news source for an emerging generation of cryptocurrency enthusiasts, reaching more than a million readers on a monthly basis, across the globe.
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