FET shed roughly 12% over the past day, with capital outflow in the perpetual market and selling pressure handing control to the bears. Open Interest declined by 5% to approximately $71 million, while volume spiked 97% to $162 million. Despite the decline, spot purchases amounted to $8.9 million, bringing cumulative purchases to approximately $47.3 million over fifteen days. Whales significantly pressured the market, with long positions losing $1.13 million and the Whale/Retail Ratio reaching 0.385, indicating maintained dominance by large investors.
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