QNT dropped 6% in 24 hours, trading around $219, representing a decline of over 72% from its September peak of $373.66. QNT open interest fell from $190 million to $120 million, signaling liquidation of existing long positions and market deleveraging. Funding rates hit a record low of -0.27% on October 4th, reflecting increased short selling activity in futures contracts. The price is currently testing the $215 support level; a close below this threshold could trigger stop-loss selling toward $160-$180.
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