“It could be a case of traders fading the hype of STX and shorting, largely due to the return of deeply negative after every price rally in the last week,” Conor Ryder, research analyst at Paris-based Kaiko, told CoinDesk. “I suspect traders are betting that there isn’t a follow-up to Bitcoin NFTs and this is more of a flash in the pan.”
STX Perpetual Futures Open Interest Doubles to $80M as Traders Take Shorts
