Axie Infinity (AXS) surged 13% in the past 24 hours, driven by buying momentum in the market. However, trading volume declined by 5% to $146 million, suggesting weak bullish momentum. The spot market saw a net sell-off of approximately $8.42 million, with a positive net flow of $1.23 million, indicating profit-taking. On the perpetual market, the open interest-weighted funding rate turned significantly negative at -0.0565%, with $48.12 million in open interest, reflecting substantial short positioning. Despite bullish sentiment around 5.46 on a -10 to 10 scale and rising market attention at 26%, this setup signals downside risk for AXS.
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