Artificial Super Intelligence Alliance (FET) was not left out of the broader decline in the cryptocurrency market over the past day.
At the time of writing, the FET decline is approximately 12%, and it is clear that the strength of the bearish move continues to pressure the market in ways that show a potential tilt towards further downside.
However, there is still immediate participation, which could influence expectations and skew them away from the bears.
The permanent FET market is hemorrhaging capital
A clear inflow of capital footThe permanent market has been triggered by the recent decline.
The outflow saw a decline of approximately 5% resulting in open interest (OI) falling to approximately $71 million, putting the market at significant risk.
Strong market momentum is clearly driving the selling, with trading volume up 97% from the previous day to $162 million.
A rise in volume while simultaneously falling in price and open interest for an asset often indicates that there will be more capital outflow in the future, with bears continuing to control the market.
Spot buyers continue to accumulate FET
Spot traders are not giving up on the market easily, as a group of investors has continued to accumulate the token over the past day. At the time of writing, spot market activity shows that there is more buying than selling of FET across the market.
Net purchases during the last day amounted to $8.9 million, while net flow fell to negative $1.15 million, a number that represents the difference between sales and purchases.
Buyers who go up at a time when the price is falling significantly often have high interest, and see the recent decline as a discount to acquire the FET at a much lower price level. the The accumulation trend has turned into a clear pattern that has developed over several days now.
According to the net flow chart above, cumulative FET purchases have risen to approximately $47.3 million in assets in fifteen days, while net flow confirms net buying at -$2.9 million.
The perpetual market buy/sell ratio also indicated greater buying volume than selling volume at the account level, showing a reading just above 1.02.
The placement of Pisces indicates more negative side
All indications are that whales are responsible for pushing FET lower than it would otherwise be, as they will likely be deleveraged.
For context, over the past 24 hours, traders who remained long lost $1.13 million, while short positions recorded no losses.
At the time of writing, the whale/hash ratio has risen to approximately 0.385 on the chart, indicating that the group still maintains dominance.
Notably, the funding rate was very bearish, which indicates further downside risks as it confirms that these whales are in an ideal position for a market sell-off.
Final summary
- The FET is down nearly 12% over the past day, as capital outflow into the perpetual market and rising selling pressure hands control to the bears.
- Spot traders leaned in the other direction and continued to buy during the decline, a pattern that could mitigate the downtrend if the buildup continues.
