SOON crypto surged 14% over 24 hours, outperforming a broader market where Bitcoin and Ethereum traded lower. The rally was primarily driven by perpetual traders on Binance and OKX, which collectively hold $34.05 million in Open Interest positions. Retail investors now dominate the move, with the whale-retail delta falling to -0.039, leaving the price vulnerable to a quick sell-off and cascading liquidations. The positive Funding Rate indicates long traders are paying shorts, but a further increase in leveraged positions could trigger a sharp market unwind.
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